White Corporation has manufactured lawn furniture for 6 years. In addition, for the last 3 years, White has operated a separate division that sells barbecue equipment. Helen, an individual, and Gray Corporation each acquired 100 shares of stock in White (basis of $10,000 per share) 10 years ago. In the current year, the barbecue equipment division is entirely destroyed by fire. White Corporation decides to discontinue the business and distributes all of the $4 million of insurance proceeds collected as a result of the fire to Helen and Gray Corporation in redemption of 20 shares of stock from each shareholder. Determine the tax consequences of the stock redemption to White Corporation (E & P of $7 million), to Gray Corporation, and to Helen.