Tabitha sold land she had purchased three months earlier for use in her business. Her cost (and adjusted basis) in the land is $50,000. She incurred selling expenses of $4,000. The buyer paid $60,000 cash and assumed Tabitha's $20,000 mortgage on the property. What is the amount of Tabitha's gain, and where on Form 4797 will Tabitha report the sale?

$26,000 on Part I.

$26,000 on Part II.

$30,000 on Part III.

$30,000 on Part IV.