A cash-method corporation adopts a plan of complete liquidation and distributes the following assets to its shareholders:

A truck that was purchased for $25,000, is worth $18,000, and has a basis of$11,000.

An installment note receivable with a remaining face amount of $20,000,resulting from a sale of a warehouse for$75,000 seven years ago in which the warehouse's basis at the time of sale was $25,000.

Accounts receivable of $7,000.

Supplies and small tools previously expensed, worth $350.

What gains are recognized by the liquidating corporation on the distributions in complete liquidation?