Steve sold for $200,000 his undivided one-third interest in an apartment building in which he had a $30,000 adjusted basis. The buyer put $40,000 down, assumed Steves share of the mortgage, and signed an installment obligation with a face value of $120,000. $20,000 of the principle was paid at the end of year sale. Compute the following:

Contract price It does not appear to be $170,000

Gross profit and gross profit percentage It does not appear to be $170,000 or 100%

Payment in year of sale It does not appear to be $70,000

Gain in the year of sale It does not appear to be $100,000