Jack started a new accounting practice. He purchased $35,000 of computer equipment and placed the equipment in service in May. (Here is MARCS HY depreciation rates for 5 year property. (Year 1 -20.0%, Year 2 -32.0%, Year 3 -19.2% Year 4 -11.52%, Year 5 -11.52% and Year 6% - 5.76%. Unfortunately, the business was not doing well. In year 3, Jack decided to close the business. He sold the property for $10,500. What is Jack's gain or loss on the sale of the computer equipment?