On October 1, 2012, Donald Anderson exchanged an apartment
building having an adjusted basis of $375,000 and subject
to a mortgage of $100,000 for $25,000 cash and another apartment
building with a fair market value of $550,000 and subject to
a mortgage of $125,000. The property transfers were made subject
to the outstanding mortgages. What amount of gain should
Anderson recognize in his tax return for 2012?