Refer to the material in the preceding problem. Timberlake locates suitable property that the owner would sell

Question:

Refer to the material in the preceding problem. Timberlake locates suitable property that the owner would sell for $4,800,000 although the property appraises at only $4,250,000. Carroll is willing to purchase this property for the $4,800,000 asking price. It would then trade this property to Timberlake for its property, but Timberlake would have to pay it $300,000 in addition to transferring the property. What are the tax consequences?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...