Oslego Company, a calendar year taxpayer, sold land with a $400,000 tax basis for $635,000 in March 2014. The purchaser paid $50,000 cash at closing and gave Oslego an interest-bearing note for the $585,000 remaining price. In September, Oslego received $50,450 cash from the purchaser consisting of a $29,250 principal payment and a $21,200 interest payment. Assuming that Oslego does not elect out of the installment sale method, compute the company's 2014 gain recognized on sale and its tax basis in the note receivable on December 31.