During Year 1, Albrecht sold his personal sport plane that had an adjusted basis to him of $112,000 to Roy for $140,000. Roy paid $40,000 as a down payment and agreed to pay $20,000 per year plus interest for the next 5 years. What is the amount of gain to be included in Albrecht’s gross income for Year 1?
$16,000
$8,000
$40,000
$28,000