John organized Toucan Corporation 10 years ago. He contributed property worth $1,000,000 (basis of $200,000 ) for 2,000 shares of stock in Toucan (representing 100\% ownership). John later gave each of his children, Julie and Rachel, 500 shares of the stock. In the current. year, John transfers property worth $350,000 (basis of $170,000 ) to Toucan for 1,000 more of its shares. What gain, if any, will John recognize on the transfer