In January, 20A1, TP purchased Greenacre, unimproved real property. Greenacre is encumbered by a first mortgage debt in the amount of $275,000. On June 15, 20A60, TP sells Greenacre to Buyer (an unrelated person). Buyer (1) pays $100,000 cash to TP, (2) assumes the $275,000 first mortgage indebtedness, and (3) issues to TP a promissory obligation. The obligation is a nonnegotiable promissory note of Buyer in the principal amount of $500,000. The principal of Buyer's note is due in the amount of $50,000 (plus interest) on December 31 of each of years 20A6 through and including 20B5. All payments are made when due. TP's adjusted basis in Greenacre on June 15, 20A6, was $200,000. State the amount of TP's gross profit pursuant to §453 with respect to the sale on June 15, 20A6.
