In the current year (i.e., 2022), Phil transfers his equipment (cost \$100,000, AB \$20.000), which Phil purchased three years ago and which he uses in his business of making cheap sunglasses, to his friend Jack, in exchange for Jack's 100 shares of common stock in GaltCorp (cost $100,000,AB$100,000,FMV$60,000 ) and lacks similar (like-kind) equipment (cost $30,000,AB$8,000, FMV $10,000 ). Jack's 100 shares constitute 100% of the voting shares of GaltCorp and there are no other classes of stock. Jack purchased his GaltCorp shares nine months ago. Jack purchased his equipment two years ago and has always used it in his business. Jack holds the GaltCorp stock as an investment. Phil immediately places his new equipment in service in his business. Jack will use Phil's equipment for personal purposes (but he does not tell Phil). How much, if any, income does Phil realize in the exchange? A