During 2018, Peter Patel sold a piece of land he had purchased for \(\$ 40,000\). The buyer paid cash of \(\$ 50,000\) and transferred to Peter a piece of farm equipnent having a fair market value of \(\$ 30,000\). The buyer also assumed Peter's \(\$ 10,000\) loan on the land. Peter paid selling expenses of \(\$ 5,000\). What is Peter's recognized gain on this sale?

a. \(\$ 25,000\)

b. \(\$ 45,000\)

c. \(\$ 80,000\)

d. \(\$ 90,000\)