Elder Company wants to acquire commercial property located on Main Street. Ms. Cheung, one of Elder's customers, owns the property and uses it in her business. Elder offers to give Ms. Cheung the land it owns next to its business and inventory items worth $70,000 in exchange for her Main Street property. Ms. Cheung's basis in her Main Street property is $160,000, and its fair market value is $350,000. The land owned by Elder has an adjusted basis to Elder of $90,000 and a fair market value of $280,000. Ms. Cheung will hold the land she receives from Elder for investment purposes. 

What is the amount of Ms. Cheung's recognized gain if she accepts the offer?