In $2023,$ Paul owns a building used in his business with an adjusted basis of $$340,000,$ and a FMV of $$750,000.$ He exchanges the building for a building owned by Kelley. Kelley$$s building has a $$950,000$ FMV but is subject to a $$200,000$ liability, which Paul assumes in the exchange.

What is Paul$$s realized gain, recognized gain, and basis for the building received?