Diego transfers real estate with an adjusted basis of $529,600 and fair market value of $741,440 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 $630,224.

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 0for his stock.