Alice Almond purchased Smith Corporation stock on February 23, 2017, and on November 15, 2017, she gave the stock to her son Dennis. She paid \(\$ 10,000\) for the stock and the value at the time of the gift was \(\$ 12,000\). On April 19, 2018, Dennis sold the stock for \(\$ 13,000\).

a. Does Dennis have short-term or longterm gain or loss and how much?

b. If the value of the stock at the time of the gift was \(\$ 9,500\), and Dennis sold it on April 19,2018 , for \(\$ 8,000\), does he have short-term or long-term gain or loss and how much?