Refer to the "Wash Sales" discussion in Ch. 7 and consider the following facts:

• Year 1 (April): Tammy purchases 1,000 shares of ABC Corp. stock for $36,000.
• Year 4 (mid-December): Tammy sells all 1,000 of those ABC shares for $20,000.
• Year 5 (early January): Tammy purchases 1,000 ABC shares for $22,000.
• Year 7 (July): Tammy sells all 1,000 of those ABC shares for $26,000.

State the amount of Tammy's gain or loss on the Year 7 sale.