Klaus owns 100% of Stilettos, a footwear retailer. To create the corporation, Klaus contributed land with a FMV of $150,000 and a basis of $100,000, a building with a FMV of $200,000 and a basis of $100,000, and a large inventory of shoes with a FMV of $50,000 and a basis of $45,000. In return, Klaus received Stilettos stock with a FMV of $300,000 and a cash of $100,000. What, if any, is the amount and character of Klaus' gain on this transaction?