Mr. Almond farmed a total of 200 acres of land, comprised of two parcels of land located about one-half mile apart. One parcel was 120 acres, and the second parcel was 80 acres. Mr. Almond found moving his workers and equipment between the two parcels to be very expensive. He approached the ABC farming partnership, which owned 80 acres next to Mr. Almond’s 120-acre parcel, about joining the partnership. Mr. Almond has a cost basis of $100,000 in his 80 acres. The fair market value of his 80 acres at the time of the proposed exchange was $400,000, and the fair market value of the ABC partnership’s 80 acres was $350,000. In 2020, Mr. Almond transferred his 80 acres to the ABC partnership and received a $350,000 interest in the ABC partnership, plus $50,000 cash. What was the amount of Mr. Almond’s recognized gain in 2020?