A contributes land, a capital asset A acquired several years ago,worth$160 in which A has a tax basis of $40, to a newly formed partnership. The land is subject to a mortgage of $60. After this contribution, A has a 50% interest in the partnership's capital, profits and losses. In addition, A receives a 50% allocation of the partnership's liabilities. There are no other liabilities at this time.

After the partnership's formation as described above, how much taxable income will A recognize?