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The following information pertains to Carr’s admission to the Smith & Jones partnership on July 1, 2012:
• Carr’s contribution of capital: 800 shares of Ed Corp. stock bought in 1999 for $30,000; fair market value $150,000 on July 1, 2012.
• Carr’s interest in capital and profits of Smith & Jones: 25%.
• Fair market value of net assets of Smith & Jones on July 1, 2012, after Carr’s admission: $600,000.
Carr’s gain in 2012 on the exchange of the Ed Corp. stock for Carr’s partnership interest was