Joe, a 70% shareholder of JH Corporation, transfers property with a basis of $250,000 and a fair market value of $900,000 to JH Corporation for additional stock. Joe owns 78% of JH after the transfer. Two other shareholders in JH transfer a nominal amount of property to JH along with Joes transfer so that Joe and the two shareholders own 90% of the JH stock after the transfer. Does Joe have taxable gain on the transfer?