13. LO.4 Arnold gave land to his son, Bruce. Arnold's basis in the land was $100,00, and its fair market value at the date of the gift was $150,000. Bruce borrowed to improve the property. He sold the property to Della for $360,000. Della paid Bruce $90,000 in cash, assumed his $120,000 mortgage, and agreed to pay $150,000 in two years. Bruce's selling expenses were Della is going to pay adequate interest. What is Bruce's installment sale $130,000 from a bank that he used gain in the year of sale