Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment with a fair value of $480,000 and $120,000 cash is received. The exchange lacked commercial substance. ??What is the gain to be recognized ? ?ANSWER is 240,000

My question is, why is part of this gain not deferred, since the exchange lacks commerical substance ? What is the cost of the equipment that you receive and also why is the cost of the equipment you receive not the fair value (of the asset received) minus the cash received ?