Miles entered into a like$-$kind exchange with Lois through a qualified intermediary. Miles exchanged business$-$use real property $($FMV $$250,000,$ adjusted basis $$120,000,$ $$30,000$ mortgage$)$ for a smaller piece of business$-$use real property $($FMV $$220,000,$ mortgage $$50,000)$ plus $$50,000.$

Lois assumed the $$70,000$ mortgage on Miles' property. Miles assumed Lois' mortgage on the replacement property. What is Miles' recognized gain from the transaction?

$$0$

$$30,000$

$$50,000$

$$70,000$