Dan, Patricia and Jan decide to form Crane Corporation. Dan transfers land (fair market value (FMV) of $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfer machinery (FMV of $150,000, adjusted basis of $30,000) for 35% and Jan performs services worth $20,000 for the remaining 15% of the stock. Required: Assume that after formation Dan sells half of his interest in the company for $150,000. What is Dan's recognized gain or loss on that sale?