TP, a calendar year taxpayer, sold equipment with a $535,000 adjusted basis for $750,000 in February. The equipment was originally purchased several years earlier for $600,000, and TP properly claimed $65,000 in depreciation deductions prior to the date of sale (including depreciation in the year of sale). TP received the purchasers note, requiring 10 annual payments of $75,000 each, plus 10% interest per year on the outstanding balance. TP received the first years payment at the time of closing. (a) What is the amount gain/loss recognized on the sale in the year of sale? (b) What is the character of the gain/loss recognized? (c) What is TPs basis in the note at the end of the year