Perry Acquired Raw Land as an Investment 16 Years Ago

Perry acquired raw land as an investment 16 years ago. The land cost $60,000. In the current year, the land is sold for a total sales price of $120,000, consisting of $10,000 cash and the buyer's note for $110,000. If Perry elects to recognize the entire gain in the year of sale, what is his recognized gain in the current year?

A) $50,000
B) $60,000
C) $100,000
D) $110,000
E) None of the above