Related party sales

On July 1, of this year, Daniel Wright owned stock (held for investment) purchased 2 years earlier at a cost of $10,000 and having a fair market value of $7,000. On this date, he sold the stock to his son, William, for $7,000. William sold the stock for $6,000 to an unrelated person on November 1of this year. What is the amount of gain or loss that William should report for the stock sale on his tax return?

Income Tax