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Nick exchanges property (basis of $100,000; fair market value of $3,000,000 ) for 65% of the stock of West Corporation. The other 35% of the

Nick exchanges property (basis of $100,000; fair market value of $3,000,000 ) for 65% of the stock of West Corporation. The other 35% of the stock is owned by Patty who acquired it several years ago. What are the tax consequences to Nick

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