In october 2018, ben and jerry exchange investment realty in a § 1031 like-kind exchange. ben bought his real estate in 2007 while jerry purchased his in 2010. in addition to the realty, ben receives pearl, inc. stock worth $10,000 from jerry. ben’s realized gain is $30,000. on what date does the holding period for ben’s realty received from jerry begin? when does the holding period for the stock he receives begin?

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)