Joan is a 1/3 partner in the PDJ Partnership. On May 1, Joan sells her interest to Freddie for a cash payment of $105,050. On January 1, Joan's basis in PDJ is $83,100. PDJ generates $83,100 of ordinary income and $10,500 of tax-exempt income during the first four months of the year. PDJ has the following assets and no liabilities at the sale date:

	Basis	Fair Market Value
Cash	$61,800	$61,800
Land held for Investment	$61,800	$123,000

What is the amount and character of Joan's gain or loss on the sale?