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

FMV Adjusted Tax Basis

Inventory $ $80,000$ $ $40,000$

Building $600,000400,000$

Land $920,0001,200,000$

Total $ $1,600,000$ $ $1,640,000$

The corporation also assumed a mortgage of $$100,000$ attached to the building and land. The fair market value of the corporation's stock received in the exchange was $$1,500,000.$

Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

b$.$ What amount of gain or loss does Zhang recognize on the transfer of the property to the corporation?