Simply Stupid, a general partnership, had the following balance sheets at December 31:

Basis

Fair Market Value

Cash & Cash Equivalents

$30,000

$30,000

Inventory Assets

20,000

30,000

Land Assets

110,000

150,000

$160,000

$210,000

Liabilities

$60,000

$60,000

Capital, Hank

$60,000

$90,000

Capital, Peggy

$20,000

$30,000

Capital, Bobby

$20,000

$30,000

$160,000

$210,000

On January 1, the partnership distributed the land to Hank in complete liquidation of his sixty percent partnership interest. The land was encumbered by a $60,000 mortgage, for which Hank assumed responsibility in connection with the distribution. How much ordinary income will Hank recognize on receipt of the distribution under Code Sec. 751(b)?