Vivian and Leonard exchange real estate in a like-kind exchange. Vivian's basis in the real estate, subject to a $150,000 mortgage, is $220,000 and the fair market value is $300,000. She receives real estate with a fair market value of $150,000, and Leonard assumes the mortgage. What is Vivian's recognized gain and adjusted basis for the real estate received?

$0; $240,000 $80,000; $150,000 $80,000; $300,000 $150,000; $300,000 None of the above