Turbo Corporation has one million shares of common stock and 200,000 shares of nonvoting preferred stock outstanding. Pursuant to a merger under state law, Ace Corporation exchanges its common stock worth $15 million for the Turbo common stock and pays $10 million in cash for the Turbo preferred stock. Some shareholders of Turbo received only Ace common stock for their common stock. Some shareholders received only cash for their preferred stock. Some shareholders received both cash and Ace common stock for their Turbo preferred and common stock, respectively. Shareholders owning approximately 10% of the Turbo common stock also owned Turbo preferred stock. The total cash received by these shareholders amounted to $1.5 million. The Turbo common stockholders end up with 15% of the Ace stock. What is the tax treatment of the common stock and/or cash received by each of the three groups of Turbo shareholders? Assume that some Turbo shareholders realize a gain on the transaction while other shareholders realize a loss.