$$317,000,$ and Javens's accumulated depreciation $on$ the machinery was $$50,000,so$ its adjusted basis $to$ Javens was $$267,000.$ Chris paid Javens $$40,000$ immediately $(in$ year $0)$ and provided a note $to$ Javens indicating that Chris would pay Javens $$60,000$ a year for six years beginning $in$ year $1.$

Required:

What are the amount and character $of$ the gain that Javens will recognize $in$ year $0?$

What amount and character $of$ the gain will Javens recognize $in$ years $1$ through $6?$