Bob Barker contributed land with an adjusted basis to Bob of $50,000 and a fair market value of $100,000 subject to a recourse mortgage of $30,000 in exchange for a one-third interest in the Alpha Partnership. Alpha will assume the mortgage on the land.

If the partnership sold the land contributed by Bob fifteen months after the contribution for $130,000, how much taxable gain would be allocated to Bob?

Question options:

	$80,000
	$60,000