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In 2006,Gita Contributed Property with a Basis of $500,000 and a Fair

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In 2006,Gita contributed property with a basis of $500,000 and a fair market value of $3,000,000 to a qualified small business corporation for all of its common stock.She sells the stock in 2014 for $4,000,000.What is the amount of taxable gain on the transaction?

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Definitions:

Oxycontin

A prescription opioid pain medication often used to treat severe pain, known for its high potential for addiction and abuse.

Morphine

A powerful opioid analgesic drug derived from the opium poppy, used primarily for pain management.

Heroin

An illegal and highly addictive opioid drug derived from morphine, known for its intense euphoric effects and high potential for dependence and abuse.

Euphoria

A feeling or state of intense excitement and happiness.

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