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 value and adjusted basis.

FMV Adjusted Basis

Inventory $ 20,000 $ 8,000 Building 250,000 100,000 Land 530,000 300,000 Total $ 800,000 $ 408,000

The corporation also assumed a mortgage of $500,000 attached to the building and land. The fair market value of the corporations stock received in the exchange was $300,000. The transaction met the requirements to be tax-deferred under 351. What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation?