Vaughn Manufacturing traded machinery with a book value of $930300 and a fair value of $886000. It received in exchange from Ivanhoe Company a machine with a fair value of $1045480. Vaughn also paid cash of $104548 in the exchange. Ivanhoes machine has a book value of $930300. What amount of gain or loss should Vaughn recognize on the exchange (assuming lack of commercial substance)?

$44300 loss

$4430 loss

$104548 gain

$ -0-