Jim owns a 1952 Chevrolet pickup truck that he has carefully restored (adjusted basis $12,000). Sadly, the truck is destroyed in a freak accident on October 15, 2022 and Jim collects the truck's FMV of $50,000 from his insurance company on March 30, 2023. He uses $24,000 of the insurance proceeds to purchase another vintage truck for $24,000. What is Jim's recognized gain on the receipt of the insurance proceeds