Lalan, a general partnership, had the following balance sheets at December 31:

Basis Fair Market Value

Cash & Cash Equivalents $30,000 $30,000

Inventory Assets 20,000 30,000

Land Assets 110,000 150,000

$160,000 $210,000

Liabilities $60,000 $60,000

Capital, M $60,000 $90,000

Capital, E $20,000 $30,000

Capital, B $20,000 $30,000

$160,000 $210,000

On January 1, the partnership distributed the land to Hank in complete liquidation of his sixty percent partnership interest. The land was encumbered by a $60,000 mortgage, for which M assumed responsibility in connection with the distribution. How much ordinary income will M recognize on receipt of the distribution under Code Sec. 751(b)?