Pursuant to a plan of complete liquidation, Woods Corp. distributed all of its property to its shareholders. Among the property distributed was cash of $200,000, and land that had been held as an investment that had a basis of $100,000, and a fair market value of $160,000. The land was subject to a mortgage of $140,000 which the shareholders assumed. What amount of gain must Woods Corp. recognize as a result of its liquidating distributions?