A corporation purchases an asset from a shareholder for the market value price of $20,000 and pays the shareholder by issuing preferred shares of $8,000 and a note payable to the shareholder for $12,000. Both the shareholder and the corporation elect that the transfer price for tax purposes is $12,000. What are the tax consequences for the shareholder if the corporation pays the debt and buys back the shareholder’s preferred shares? What would the tax consequences be if the shareholder sold the acquired preferred shares to another party?