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Perry acquired raw land as an investment in 1996. The land cost $60,000. In 2009, the land is sold for a total sales price of

Perry acquired raw land as an investment in 1996. The land cost $60,000. In 2009, the land is sold for a total sales price of $120,000 consisting of $10,000 cash and the buyers note for $110,000. If Perry elects to recognize the entire gain in the year of sale, what is his recognized gain in 2009

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