Yes, you will report a gain or loss.  The $14k gift tax has nothing to do with you, that only affects the donor and whether they need to report the gift tax or not.

For your sale of the stock, you need to know what the purchase price when the stock was bought by the donor and the worth on the day you received it.  Then you figure in what you sold it for and get your gain or loss amount.

• The donor paid $20 per share  then it went up to $35 per share on the day you received it.
• When you decide to sell the cost basis will be same as the donor's $20.
• You sell the shares for $45 you will pay a short term gain of $25 per share.
• If you sell for $15 per share you will have a loss of $5 per share
  

Click here for more information on gift stock