Mr. Jacobs transferred an office building to Booda Corporation in exchange for 100% of Booda's only class of outstanding stock and $60,000 cash. The building had an adjusted basis of $300,000 and a fair market value of $500,000. The building was subject to a mortgage of $240,000, which Booda assumed for valid business reasons. The fair market value of Booda's stock on the date of transfer was $200,000. What is the amount of Mr. Jacobs's recognized gain?