At the formation of Berry Partnership, Straw contributes land with a basis of $40,000 and a fair market value of $120,000, and Rasp contributes cash of $120,000. Straw and Rasp share profits and losses equally. When the land is sold two years later for $200,000, Rasp must recognize a gain of how much? \begin{tabular}{c} $120,000 \\ \hline$160,000 \\ \hline$80,000 \\ \hline$40,000 \end{tabular}