Herman exchanges his apartment complex for Heidis farm, and the exchange qualifies as a like-kind exchange. Hermans adjusted basis for the apartment complex is $600,000 and the complex is subject to a $180,000 liability. The fair market value of Heidis farm is $770,000, and the farm is subject to a $100,000 liability. How much, if any, is Hermans recognized gain and his basis in the farm?