Consider the following, and answer the associated question:

J contributed property to a newly formed S corporation in exchange for a $50\%$ interest in the capital, profit, and loss. The other shareholders contributed cash. The property contributed by J had tax basis, fair market value, and mortgage as follows:

Basis: $$150,000$

Fair market value: $$250,000$

Mortgage: $$100,000$

The S corporation assumed responsibility for the mortgage in connection with the exchange.

How much gain will J recognize on the transfer of the land in exchange for $50\%$ of the S corporation$$s stock?