Brian Johns is contributing real estate to a wholly$-$owned corporation during formation in exchange for

all of its stock. At the time of formation, the real estate is worth $$450,000,$ Brian$$s basis is $$200,000,$

and the real estate is subject to two mortgages. One mortgage is $$90,000($incurred $10$ years prior to

corporate formation$)$ and the other is $$40,000($incurred $7$ years prior to corporate formation$).$ The

corporation assumes both mortgages.

$($a$)$ What is Brian$$s recognized gain, if any?

$($b$)$ What is Brian$$s basis in the stock he receives from the corporation?