In Year $1,$ Mr$.$ Sonny made a gift to his brother, Carlton, of his interest in a small business corporation $($Sec$.1244$ stock$)$ with adjusted basis of $$120,000$ and FMV of $$140,000.$ Mr$.$ Sonny paid no gift tax on the transfer. Carlton sold that interest for $$60,000$ in January Year $7.$ What are the amount and the character of Carlton$$s loss?