Perry acquired raw land as an investment 16 years ago. The land cost $60,000. In the current year, the land is sold for a total sales price of $120,000, consisting of $10,000 cash and the buyer's note for $110,000. If Perry elects to recognize the entire gain in the year of sale, what is his recognized gain in the current year?

a. $50,000

b. $60,000

c. $100,000

d. $110,000

e. None of the above.

Please show your calculations in arriving at your final answer. Thank you.