In the current year, Mitch, Hank, and Cyn form Hades Corporation. Mitch contributes land (a capital asset) having a $100,000 EMV in exchange for 130 shares of Hades stock. He purchased the land three years ago for $140,000. Hank contributes machinery (Sec. 1231 property purchased four years ago) having a $100,000 adjusted basis and a $60,000 FMV in exchange for 90 shares of Hades stock. Cyn contributes services worth $40,000 in exchange for 40 shares of Hades stock. Requirement a. What is the amount of Mitch's recognized gain or loss? Mitch realizes a $ ____ and recognizes_____