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

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

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