Required information [The following information applies to the questions displayed below.] Johanne transferred investment property to S&J Corporation in exchange for 60 percent of the S&J Corporation stock (60 shares valued at $115,000). The property's fair market value was $190,000 and its adjusted tax basis to Johanne was $60,000. The investment property was subject to a $75,000 mortgage that S&J Corporation assumed on the transfer (not treated as boot). (Leave no answer blank. Enter zero if applicable.) a. Assuming the transfer qualifies under 351, what are the amount and character of the gain Johanne must recognize on the exchange? Gain recognized