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 $635,000. The corporation's basis in the Tea Company stock was $312,500. The land had a basis to Tea Company of $802,500. What amount of gain does Red Blossom recognize in the exchange and what is its basis in the land it receives?