Joan is a one-third partner in the PDJ Partnership. PDJ Partnership uses the proration method to allocate income and losses to partners with varying interests. On May 1, Joan sells her interest to Freddie for a cash payment of $110,350. On January 1, Joan's basis in PDJ is $86,800. PDJ generates $78,900 of ordinary income and $12,300 of tax-exempt income during the first four months of the year. PDJ has the following assets and no liabilities at the sale date:

Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.

	Basis	Fair Market Value
Cash	$ 58,500	$ 58,500
Land held for investment	$ 58,500	$ 117,000

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