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. $$\begin{array} { l r r } & \text { Adjusted } \\& \text { Basis } & \text { FMV } \\\text { Cash } & \$ 100,000 & \$ 100,000 \\\text { Accounts Receivable } & - 0 - & 80,000 \\\text { Land } & \underline { 240,000 } & \underline { 220,000 } \\\text { Total } & \$ 340,000 & \$ 400,000 \\\hline\end{array}$$ Determine the amount and character of any gain that Hannah recognizes on the sale.