Abdul exchanges land used in his business for another parcel of land which is more suitable for parking for his customers. Abdul's land has a fair market value of $160,000 and adjusted basis of $100,000. The land he receives has a fair market value of $120,000 so he also receives cash of $40,000. What id Abdul's recognized gain or loss from this transaction?

a. $0

b. $40,000

c. $60,000

d. $160,000