On June 4, 2002, Fred bought stock at a cost of $8,000. On January 30, 2019, he gave the stock to his son, George. At the time of the gift, the fair market value of the stock was $6,500. On May 1, 2019, George sold the stock.

State whether there is a short-term or long-term capital gain or loss, and the amount of the gain or loss, if the stock was sold at $7,000.