Edward owns 205 shares of Pine Corporation common stock, purchased during the prior year: 80 shares on July 5, for $ 16 $16,000; and 125 shares on October 15, for $ 20 comma $20,000. When Edward sells 70 shares for $16,500 on July 18 of the current year, he does not identify the particular shares sold. Determine the amount and character of the gain.