JR exchanges a building valued at $1,000,000 for 10,000 shares of Jones-Redding Corporation valued $150 per share and the assumption of the $500,000 mortgage on the building held by a local bank. What are the tax consequences for JR if the building has a basis of:

a) $1,200,000

Loss of $___________?

b) $700,000

Gain of $___________?

c) $400,000?

Gain of $___________?