Gandulf, who is married and files a joint tax return with his wife, transfers property (basis of $840,000 and fair market value of $650,000) to Falk Corporation in exchange for shares of 1244 stock. Assume that the transfer qualifies under 351.

a. If Gandulf sells the stock for $400,000 two years later, he would have a capital loss of $________ and an ordinary loss of $________ for tax purposes.