Jason sold land he purchased four months earlier for use in his business. His cost (and adjusted basis) in the land is $75,000. He incurred $12,000 in expenses related to the sale. The buyer paid $90,000 cash and assumed Jason's $35,000 loan on the property. What is the amount of Jason's gain, and where on Form 4797 will he report the sale? O $38,000, Part I. O $38,000, Part II. O $50,000, Part Ill. O $50,000, Part IV.