Liwei wants to buy some vacant land for investment purposes. She cannot afford the full purchase price. Instead, Liwei pays the landowner $38,700 to obtain an option to buy the land for $774,000 anytime in the next four years. Fourteen months after purchasing the option, Liwei sells the unexpired option for $48,700. WHat is the (1) amount and (2) character of Liwei's gain or loss on the sale of the unexpired option?