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 BasisInventory$44,000 $22,000Building 330,000 220,000Land 506,000 660,000Total$880,000 $902,000

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 $780,000. 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 $980,000 attached to the building and land. Assume the fair market value of the building is now $550,000 and the fair market value of the land is $1,166,000. The fair market value of the stock remains $780,000. e. How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts?