Emmett Embers exchanges a business building with an adjusted basis of $207,000 and a fair market value of $300,000 for George Gunn's land (to be held as investment) with an adjusted basis of $165,000 and a fair market value of $390,000. Emmett assumes George's $90,000 mortgage on the land. Determine Emmett's and George's realized gain or loss, recognized gain or loss, and the basis in the new property.