On January 1, 2016, Myron sells stock that has a $61,900 FMV on the date of the sale (basis $94,500) to his son Vernon. On October 21, 2016, Vernon sells the stock to an unrelated party. In each of the following, determine the tax consequences of these transactions to Myron and Vernon: (If there is no gain or loss, select "No gain/loss".)

Vernon sells the stock for $42,500.

Vernon sells the stock for $101,850.

Vernon sells the stock for $81,500.

	gain/loss	myron		vernon
a	realized
	recognized
b	realized
	recognized
c	realized
	recognized