Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporations stock. The property transferred to the corporation had the following fair market values and adjusted bases:

	FMV			Adjusted Basis
Inventory	$	100,000		$	50,000
Building		750,000			500,000
Land		1,150,000			1,500,000
Total	$	2,000,000		$	2,050,000

The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporations stock received in the exchange was $1,900,000. The transaction met the requirements to be tax-deferred under 351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)

Assume the corporation assumed a mortgage of $2,100,000 attached to the building and land. Assume the fair market value of the building is now $1,250,000 and the fair market value of the land is $2,650,000. The fair market value of the stock remains $1,900,000. e. How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts?