Jay sold three items of business equipment for a total of $300,000. None of the equipment was appraised to determine its value. Jays cost and adjusted basis for the assets are shown below.

Asset	Cost	Adjusted Basis
Skidder	$230,000	$ 40,000
Driller	120,000	60,000
Platform	620,000	0
Total	$970,000	$100,000

Jay has been unable to establish the fair market values of the three assets. All he can determine is that combined they were worth $300,000 to the buyer in this arms length transaction.How would Jay allocate the sale price and figure the gain or loss on the sale of the three assets?