Island Shipping Corporation was formed in 2001 and has always been an S-Corporation. It is a calendar year accrual-basis corporation, and it is owned solely by Nikki. Immediately before the following distribution being made, Nikkis stock basis is $55,000. The corporation distributes cash of $12,000 and land with a cost basis of $45,000 and fair market value of $50,000. What is the recognized income or gain/loss (if any) on the distribution for Island Shipping?