Black Corporation ($900,000 assets, $0 liabilities) and White Corporation ($700,000 assets, $0 liabilities) create BW Corporation. Black transfers $600,000 in assets for all of BWs common stock. Black distributes its remaining assets and the BW common stock to its shareholder, Sam, for all her stock in Black (basis $950,000) and then liquidates. White transfers $400,000 in assets for all of BWs common stock. White distributes its remaining assets and the BW preferred stock to its shareholder, Taylor, for all his stock in White (basis $200,000) and then liquidates. How much is Taylors recognized gain or loss?

Group of answer choices

$0 gain

$100,000 gain

$200,000 gain

$300,000 gain

$400,000 gain