On May 9, 2014, Calvin acquired 250 shares of stock in Aero Corporation, a new startup company, for section 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid in capital). On January 15, 2016, Calvin sold all of his Aero stock for $7,000. Assuming that Calvin is single, determine his tax consequences as a result of this sale.