?The Electric Corporation, a publicly held corporation, owns land with a $$1,600,000$ ?basis

that is being held for investment. The company is considering exchanging the land for two

assets owned by the Quail Corporation: land with a FMV of $$4,000,000$ ?and marketable

securities with a $$1,000,000$ ?FMV$.$ ?Both assets will be held by the Electric Corporation for

investment, although the corporation is considering the possibility of developing the land

and building residential houses. The president of the corporation has hired you to prepare

a report explaining how the exchange will affect the corporation$$s reported net income

and its tax liability. The corporation has a tax rate of $21\%$