Isela and Luis form XYZ Corporation. Isela transfers equipment worth $675,000 (basis of $200,000) and cash of $25,000 to XYZ Corporation for 50% of its stock. Luis transfers a building and land worth $650,000 (basis of $100,000) for 50% of XYZ's stock and $50,000 in cash. The building has $120,000 mortgage, which XYZ Corporation assumes . Enter your answer without dollar signs or commas. Use parentheses to indicate negative values . Round to the nearest dollar if necessary .

What is Luis recognized gain or loss?

what is Luis basis in the stock received?