In 2021, Fred and Felix pooled their resources to form F&F Partnership. They will both work actively in the business and they have agreed to share profits and losses 50-50. To form this partnership, Fred contributed manufacturing equipment with an FMV of $1,000,000 and a basis of $100,000. Felix contributed $400,000 of cash and land with a fair market value of $800,000 and a basis of $500,000. The equipment contributed by Fred was not encumbered by debt. The land contributed by Felix had a $200,000 mortgage (qualified nonrecourse debt) which was assumed by F&F Partnership.

In 2022, F&F Partnership sold the land (originally contributed by Felix) for $900,000. Determine the amount of gain to be allocated to Fred and to Felix.