Qi owns harvestable forest land with an adjusted basis of $800,000. This year, I sold 500 acres of the harvestable forest land for $1,000,000. He received $200,000 this year and a promissory note for $400,000 payments in each of the next two years. 1. What is Qi’s realized and recognized gain in year 1 (this year)? 2. What is Qi's realized and recognized gain in year 2? 3. What is Qi's realized and recognized gain in year 3?