Questions 1 through 5 require using the information directly below:

Templeton Properties and Jameson Rentals, both corporate landlords, exchange apartment buildings. The exchange qualifies as like-kind for both parties. Liabilities exist on each building and each company agrees to assume the liabilities encumbering the properties taken in the exchange. Jameson also gives cash to Templeton on the exchange. The properties GIVEN in the exchange (along with the liabilities attached to those properties) appear below each taxpayer.

Templeton	Basis	FMV	Jameson	Basis	FMV
Land and Building	$350,000	$550,000	Land and Building	$480,000	$460,000
			Cash given	$40,000	$40,000
Liability on property assumed by Jameson on transfer		$250,000	Liability on property assumed by Templeton on transfer		$200,000

Templeton's recognized gain or loss is __________