Jay sold three items of business equipment for a total of $300,000. None of the equipment was appraised to determine its value. Jay's 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 arm's length transaction.

b. If Jay treats the assets as a single group, determine the amount and nature of the gain or loss. There is an overall gain of $______ of which $________ is 1245 gain.