A taxpayer exchanged land held for investment for another parcel of land. The transfer qualifies as a like kind exchange. The land had a basis of $330,000, a mortgage that will transfer with the land of $50,000, and a fair market

value of $520,000. The taxpayer will be receiving a parcel of land with a fair market value of $430 000 and cash of $40,000. Calculate the taxpayer's recognized gain or loss on this transaction and his basis in the new parcel of land and place the answers below without $ signs or commas:

Gain/Loss

Basis