Brian Johns is contributing real estate to a wholly-owned corporation during formation. At the time of formation the real estate is worth $340,000, Brians basis is $200,000, and the real estate is subject to a $190,000 mortgage. (a) Does Brian recognize gain upon corporate formation? If so, how much gain? (b) Assume that in addition to the $190,000 mortgage, Brian took out a second mortgage of $50,000 on the property one day before contributing the property to the corporation. Does Brian recognize gain upon corporate formation? If so, how much?