QUESTION $7($CHAPTER $18)$

Brian Johns is contributing real estate to a wholly$-$owned corporation during formation in exchange for all of its stock. At the time of formation, the real estate is worth $$550,000,$ Brian's basis is $$200,000,$ and the real estate is subject to two mortgages. One mortgage is $$90,000($incurred $10$ years prior to corporate formation$)$ and the other is $$200,000($incurred $1$ day prior to corporate formation without legitimate business purpose$).$ The corporation assumes both mortgages.

$($a$)$ What is Brian's recognized gain, if any?

$($b$)$ What if$,$ instead, the $$200,000$ mortgage was incurred $7$ years ago? What would be Brian's recognized gain, if any?