Pickett Corporation is a calendar year accrual-based C-corporation. Pickett has adopted a plan of complete liquidation in 2019. Pickett has two unrelated shareholders, Joseph who owns 70% of the outstanding shares and Abriella who owns the other 30%. Pickett will distribute a building with a fair market value of $710,000 (cost basis $750,000) to Joseph as well as cash of $90,000. Joseph will accept the building subject to the mortgage loan that Pickett had on the building of $100,000. Joseph will assume this loan of $100,000 and will be obligated on it going forward. Pickett will distribute land with a fair market value of $250,000 (cost basis of $200,000) as well as cash of $50,000 to Abriella. Prior to this transaction Joseph has a tax basis in his shares of $600,000 and Abriella has a tax basis in her shares of $320,000. What is the recognized gain or loss (if any) that Joseph and Abriella will recognize on the liquidation proceeds