Henry swaps his shopping center for Sarah’s office building, and the exchange qualifies as a like-kind exchange. Henry’s adjusted basis for the shopping center is $600,000 and the center is subject to a liability of $180,000. The FMV of Sarah’s office building is $770,000 and it is subject to a liability of $100,000. Each asset is transferred subject to the liability. What is Henry’s recognized gain, if any, on the transaction; and what is his basis in the office building?