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Senior gave his son, Junior, his personal residence with an adjusted...

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Accounting

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Senior gave his son, Junior, his personal residence with an adjusted basis of $60,000 and a fair market value of $40,000, 2 years ago. Junior sold the house in the current year, after living in it for the past 2 years, for $35,000. As a result of the sale, Junior will A. B. Have his father report a $25,000 loss. Report a $5,000 loss. Report a $25,000 loss. C. D. Report no gain or loss

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