Abby sold investment land for $200,000 in June. Her basis in the land was $75,000. The purchaser paid Abby $40,000 cash and gave her his 5-year, interest-bearing note for the $160,000 remaining contract price. In December, Abby received a $20,000 principal payment on the note. Abby's recognized gain this year is: Multiple Choice $125,000 V $22,500 $60,000 c K $37,500 X