Tiffney received 600 shares of her employers stock as a bonus. She must return the stock to the company if she leaves before the 4-year vesting period ends. The fair market value of the stock at the time it was issued was $15,000. After 4 years, the stock vests when it has a fair market value of $32,000. Two years after vesting, Tiffney sells the stock for $44,000. If Tiffney makes no special election, how much income or gain does she recognize when she sells the stock?

	A.	$32,000
	B.	$15,000
	C.	$44,000
	D.	$12,000
	E.	$29,000