Allen transferred 3 assets to a newly formed corporation in exchange for 100 shares of voting common stock plus cash. The assets transferred were as follows:

Asset I real estate held for 2 years, FMV $44,000, adjusting basis of $80,000.

Asset II real estate held for 6 months, FMV $66,000, adjusting basis of $40,000.

Asset III depreciable property (§ 1245) FMV $110,000, adjusted basis of $50,000

Cash received $20,000

Stock received: 100 shares of voting common, FMV = $200,000

What is the total gain recognized by Allen on the exchange?