Hannah Sells Her 25% Interest in the HIJK Partnership to Alyssa

Hannah sells her 25% interest in the HIJK Partnership to Alyssa for $120,000 cash. At the end of the year prior to the sale, Hannah's basis in HIJK was $70,000. The partnership allocates $15,000 of income to Hannah for the portion of the year she was a partner. On the date of the sale, the partnership assets and the agreed fair market values were as follows. $\begin{array}{lrr}& \text { Adjusted } \\& \underline { \text { Basis } } & \underline { \text { FMV } } \\\text { Cash } & \$ 100,000 & \$ 100,000 \\\text { Accounts Receivable } & -0- & 80,000 \\\text { Land } & 240,000 & 220,000 \\\text { Total } & \$ 340,000 & \$ 400,000\end{array}$ Determine the amount and character of any gain that Hannah recognizes on the sale.