Jasmine transferred 100% of her stock in Woodward Company to Jefferson Corporation in a Type A stock-for-assets merger. Woodward has a $300,000 basis in the assets transferred to Jefferson. In exchange, she received stock in Jefferson with a $600,000 fair market value plus $400,000 in cash. Jasmine's tax basis in the Woodward stock was $1,500,000. What amount of gain or loss does Woodward recognize in the exchange?