Townsend, the sole shareholder of Pruett Corporation, has a $772,400 basis in his stock. He exchanges his Pruett stock for $965,500 of Rogers voting common stock plus the land with a fair market value of $193,100 and basis of $48,275 that is transferred by Rogers to Pruett. This exchange qualifies under 368.

If an amount is zero or there is no gain or loss, enter "0".

a. What is Townsend's recognized gain/loss from the reorganization? Townsend recognizes a gain is???