Gary Shirtzinger transferred property to a controlled corporation. The property had a fair market value of $500,000 and an adjusted basis of $225,000. It was subject to a $150,000 mortgage. In return, Gary recieved stock worth $350,000.

How much of the gain should be recognized?

For the same problem, if the property was subject to a $300,000 mortgage, how much of the gain does Garry recognize?

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