A cash-method corporation adopts a plan of complete liquidation and distributes the following assets to its shareholders:

∎ A truck that was purchased for \(\$ 25,000\), is worth \(\$ 18,000\), and has a basis of \(\$ 11,000\).

∎ An installment note receivable with a remaining face amount of \(\$ 20,000\), resulting from a sale of a warehouse for \(\$ 75,000\) seven years ago in which the warehouse's basis at the time of sale was \(\$ 25,000\).

∎ Accounts receivable of \(\$ 7,000\).

∎ Supplies and small tools previously expensed, worth \(\$ 350\).

What gains are recognized by the liquidating corporation on the distributions in complete liquidation?