Juan owns land that serves as security for a $60,000 mortgage held by State Bank. Juan does not have personal liability for the mortgage (it is non-recourse debt). When Juan's basis in the land is $20,000 and the land's fair market value is $50,000, the bank forecloses on the loan and takes title to the land. How much gain or loss is recognized? Is it taxable or nontaxable in gross income?