Gene purchases land five years ago as an investment. The land cost him $200,000 and is now worth $530,000 Gene plans to transfer the land to Dee Corporation, which will subdivide the land and sell individual parcels. Dee corporation's profits on the land will be ordinary income. What are the tax consequences of the asset transfer and land sales if Gene contributes the land to Dee Corporation in exchange for all its stock? What alternative methods can be used to structure the transaction to achieve better tax consequences?