Jack receives a nontaxable distribution of stock right during the year from Gold Corporation on January 30. Each right entitles the holder to purchase one share of stock for $50. One right is issued for every share of stock owned. Jack own 100 shares of stock purchased two years ago for $5000. At the date of distribution, the right is worth $1000 (100 rights at $10per right) and Jack's stock in Gold Corporation is worth $6000 (or $60 per share). On December 1, Jack sells all stock right for $13 per right. How much gain does Jack recognized on the sale?