Nick received a gift of stock from his father. Nick's father had purchased the stock 2 years earlier and his father's basis in the stock was $30,000. On the date of the gift, the stock had a fair market value of $25,000.

a) If nick sells the stock for $33,000, calculate the amount of Nick's gain or loss on the transaction.

b) If Nick sells the stock for $22,000, calculate the amount of Nick's gain or loss on the transaction.

c) If Nick sells the stock for $27,000, calculate the amount of Nick's gain or loss on the transaction.