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