This year J and K formed new corporation. J transferred assets below to new in exchange for stock Adj Basis FMV Building 45,000 90,000 Equipment 100,000 110,000 Total 145,000 200,000 In addition the building was subject to a mortgage of 50,000. J received stock worth 150,000 on the exchange. Assume that the transfer meets the requirements of section 351. What will J recognize