8. Years ago, Fran purchased stock in ABC company for $33,000. Last year, Fran sold the stock to her son, Steve, for $25,000 (its current market value). Steve later sells the shares for $20,000. Steve's adjusted basis in the stock and his recognized gain or loss on the sale are:

• A. $33,000 adjusted basis, $13,000 recognized loss

• B. $33,000 adjusted basis, $5,000 recognized loss

• C. $25,000 adjusted basis, $13,000 recognized loss

• D. $25,000 adjusted basis, $5,000 recognized loss

• E. $33,000 adjusted basis, $0 recognized gain