Gilbert owns 255 shares of Pine Corporation common stock, purchased during the prior year: 125 shares on July 5, for $22,000; and 130 shares on October 15, for $26,000. When Gilbert sells 60 shares for $14,500 on July 18 of the current year, he does not identify the particular shares sold. Determine the amount and character of the gain. Using the FIFO method, what is the character of the gain that Gilbert will recognize? What is the amount of the gain?