Simmons gives her child a gift of publicly-traded stock with a basis of $40,000 and a fair market value of $30,000. No gift tax is paid. The child subsequently sells the stock for $36,000.
What is the child's recognized gain or loss, if any?

a. $4,000 loss.
b. No gain or loss.
c. $6,000 gain.
d. $36,000 gain.