Crawley Manufacturing exchanged a tract of land costing $150,000 for a tract of land with a fair value of $225,000. Crawley received $80,000 in cash as part of the exchange agreement. There was no commercial substance to the transaction. How much gain or loss would Crawley report on the exchange?

a. $155,000

b. $0

c. $75,000

d. $40,656

e. $80,000