Peter organized Cannery Corporation ("CC") 5 years ago by contributing equipment worth $2 million (basis of $450,000) for 2,500 shares of stock in

Peter organized Cannery Corporation ("CC") 5 years ago by contributing equipment worth $2 million (basis of $450,000) for 2,500 shares of stock in CC, representing 100% of the stock in the corporation. Peter later (two years ago) gave two of his friends, Bill and Joe, 750 shares of stock in CC. In the current year, Peter transfers a building worth $5,000,000 (basis of $1,500,000) to CC for 5,000 shares in the corporation. What gain, if any, will Peter recognize on the transfer? (what is his realized gain? What is his recognized gain?)