Pedro sells investment land on September 1, 2016. Information pertaining to the sale follows:

Adjusted basis	$30,000
Selling price	108,000
Selling expenses	1,450
Down payment	12,500
Four installment payments	18,000
Mortgage assumed by the buyer	23,500

Each installment payment is due on September 1 of 2017, 2018, 2019, and 2020 (ignore interest). Determine the tax consequences in 2016, 2017, 2018, 2019, and 2020