1. Diego transfers real estate with an adjusted basis of $446,000 and fair market value of $624,400 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $530,740.

   Determine Diego's recognized gain on the transfer and the basis for his stock.

   If amount is zero, enter "0".

   Diego has a recognized gain on the transfer of $_____ and a basis of $_____ for his stock.