Harry Potter transfers land $($basis of $$240,000$ and fair market value of $$420,000)$ to Hogwarts, Inc. for $85\%$ of its stock and a note payable in the amount of $$80,000.$ Hogwarts assumes Harry's mortgage on the land of $$300,000.$ What Harry's gain or loss realized and recognized? What is Hogwart's basis in the land received?