A single taxpayer with an AGI of $300,000 exchanges several pieces of property in like-kind exchanges. Two of these are real property, each worth $250,000 in gain, which was deferred into other real property. Two other properties were also exchanged, both of which were expensive pieces of machinery each worth $350,000, which were also deferred into other pieces of machinery. How much gain income did this taxpayer actually defer for Federal and State purposes?