Jennifer buys a vacation home (for personal use) and pays $20,000 cash and offers a note of $80,000 (she is not personally liable under the note). The property appreciates to $150,000 and she takes out a second loan of $50,000 on the property. Several years later, the outstanding liabilities on the property are $45,000 and $25,000. At that time she sells the property for $60,000 cash and the buyer agrees to assume the existing liabilities.

What is Jennifers gain on the sale?