Jeffrey owns a building. Jeffrey's basis in the building is $300,000 and the fair market value is $1,000,000. Grange owns a building worth $750,000 and his basis is $800,000. Grange also gives Jeffrey $250,000 worth of Apple stock with a basis of $35,000. How much gain or loss will each of them recognize on the transaction? What will their basis be in the property they receive?