$20$ Eddie, the owner of a live$-$bait business in Oklahoma, inherited a $100-$acre corn patch in $1980,$ when his daddy died. The FMV of the property was $$3,000$ when Eddie took possession, and its value did not change much until last year, when natural gas was discovered nearby. Last week, a major oil company offered Eddie $$4$ million for the parcel and he has decided it$$s time to move to Chicago to be closer to his cousin$-$in$-$law, Clark. A Realtor has found for Eddie a $10-$unit apartment house in Illinois priced at $$3,500,000$ and urged him to engage a Qualified Intermediary and consummate a like$-$kind exchange under section $1031$ of the Internal Revenue Code. Although Ed$$s not exactly sure what a $1031$ exchange is or how it works, it sounds like a good idea to him and he went ahead with the transaction. Assuming both properties changed hands at the values listed above, that it was an even exchange, and all the requirements for a valid $1031$ exchange were met, what are the tax consequences of the transaction to Eddie?