Jacob owns 245 shares of Walnut Corporation common stock, purchased during the prior year: 125 shares on July 5, for $15,000: and 120 shares on October 15, for $18.000. When Jacob sells 80 shares for $15.000 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 Jacob will recognize a long-term capital gain a long term capital loss a short-term capital gain a short-term capital loss ordinary Income