Pat sells land for $20,000 cash and a $80,000 4-year note with a reasonable interest rate. If her basis in the property is $30,000 and she receives the $20,000 down payment and the first $20,000 payment on the note in the year of sale, how much is Pats taxable gain in the year of sale using the installment sales method?

$0 $40,000 $20,000 $28,000 $70,000