Years ago, Frank purchased stock in ABC company for S23,000. Last year, Frank sold the stock to his daughter, Deb, for $12,000 (its current market value). Deb later sells the shares for $15,000. Deb's adjusted basis in the stock and her recognized gain or loss on the sale are: $12,000 adjusted basis, $0 recognized gain $23,000 adjusted basis, $0 recognized gain $23,000 adjusted basis, $3,000 recognized gain $12,000 adjusted basis, $3,000 recognized gain $12,000adjusted basis, $8,000 recognized loss