Steve sold for $200,000 his undivided onethird interest in an apartment building in which he had a $30,000 adjusted basis. The buyer put $40,000 down, assumed Steve's share of the mortgage, and signed an installment obligation with a face value of $120,000.

$20,000 of the principal was paid at the end of the year of sale. Compute the following:

a. Contract price

b. Gross profit and gross profit percentage

c. Payment in year of sale

d. Gain in the year of sale