Orley, Goutam, and Serena each own undivided one-third interests as tenants in common in three parcels of land held as an investment. One of the parcels is mortgaged for $60,000, for which each is personally liable. They would like to rearrange their interests in the properties so that each becomes a 100 percent owner of one property. Orley has agreed to take the mortgaged parcel and assume the $60,000 liability. Goutam and Serena will each issue Orley a $20,000 note to compensate him for taking the mortgaged parcel. Each parcel is worth $75,000 and has a basis of $30,000. Determine the tax consequences of the proposed transaction.