On May 1, 2012, Daniel Wright owned stock (held for investment)
purchased two 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 July 1, 2012. How should William
report the stock sale on his 2012 tax return?