Exercise $16-32($Algorithmic$)($LO$.4)$

Farhad canceled a note issued by Emma $($Farhad$\text{'}$s niece$)$ that arose in connection with the sale of property. At the time of the cancellation, the note had a basis to Farhad of $$169,600,$ a face amount of $$305,280,$ and a fair market value of $$228,960.$

Presuming that the initial sale by Farhad qualified as an installment sale, how much gain does the cancellation result in for Farhad?