Question: I am searching for the accurate solution to this general accounting problem with the right approach. David sells a piece of commercial land for $120,000

I am searching for the accurate solution to this general accounting problem with the right approach.

David sells a piece of commercial land for $120,000 in cash, and the buyer assumes David's mortgage liability of $30,000 on the land. David's adjusted basis in the land is $90,000. What is the gain or loss David will recognize on the sale

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