Francois is an avid collector of vintage French cooking equipment. Over the years he has built up an extensive collection worth $300,000 in fair market value, for which he paid $200,000 (his basis). Francois dies and bequeaths his entire collection to his friend Gerard. Having no interest in cooking equipment himself, shortly after Francois's death, Gerard sells the equipment to an antique specialist for $280,000. What is Gerard's gain or loss on the sale?