Whitney exchanges timberland held as an investment for undeveloped land with a $$300,000$ FMV$.$ Whitney's basis for the timberland is $$150,000.$ She also transfers her tractor with a $$15,000$ basis and a $$10,000$ FMV as part of the exchange.

a$.$ What is the amount, if any, of gain or loss recognized on the transaction?

b$.$ What is the basis of the undeveloped land?