Revere Corporation has a single class of common stock outstanding. Grant owns 250 shares, which he purchased for $ 45 per share two years ago. On April 10 of the current year, Revere distributes to its common shareholders one right to purchase for $ 55 one common share for each common share owned. At the time of the distribution, each common share is worth $ 85, and each right is worth $ 40. On September 10, Grant sells 125 rights for $ 5 comma 500 and exercises the remaining 125 rights. On November 10, he sells for $ 90 each 16 of the shares acquired through exercise of the rights. What are the amount and character of gain or loss Grant recognizes upon selling the rights