Red Blossom Corporation transferred its $40$ percent interest to Tea Company as part of a complete liquidation of the company. In the exchange, Red Blossom received land with a fair market value of $$542,500.$ The corporation's basis in the Tea Company stock was $$377,500.$ The land had a basis to Tea Company of $$765,000.$ What amount of gain does Red Blossom recognize in the exchange and what is its basis in the land it receives?