Julio Gonzales is in the $32\%$ tax bracket. He acquired $10,500$ shares of stock in Gray Corporation seven years ago at a cost of $$240$ per share. In the current year, Julio received a payment of $$1,890,000$ from Gray Corporation in exchange for $5,250$ of his shares in Gray. Gray has $E$&$P$ of $$6,000,000.$ What income tax liability would Julio incur on the $$1,890,000$ payment in each of the following situations? Assume that Julio has no capital losses and taxpayers in the $32\%$ tax bracket are subject to the long$-$term capital gains and qualified dividends tax rate of $15\%.$

a$.$ The stock redemption qualifies for sale or exchange treatment.

Julio has of $ $.$ Julio's tax liability would be $

b$.$ The stock redemption does not qualify for sale or exchange treatment. Julio has of $ $.$ Julio's tax liability would be $

c$.$ For part $($b$),$ prepare Julio's Schedule B $($Form $1040)$ to reflect the tax reporting required of the transaction.