This year, Michael Fey sold a classic painting to his neighbor, Vance Dalton, under the following terms:
- The price was $22,000, equal to the fair market value.
- Michael's basis in the painting was $5,000.
- Starting this year, Vance will pay in five annual installments of $4,000 plus accrued interest.
- Vance will make a $2,000 down payment.
Ignoring interest income, what amount of gain will Michael recognize for the current year?