Fred and Lamont formed a partnership. Fred received a 40% interest in partnership capital and profits in exchange for land with an adjusted basis of $75,000 and a fair market value of $80,000, Lamont received a 60% interest in partnership capital and profits in exchange for $120,000 of cash. Three years after the contribution date, the land contributed by Fred is sold by the partnership to an unrelated third party, [Ugly] Ester for $90,000. How much taxable gain will Fred recognize from the sale? (10 points)