1031 question about cap gain

[Bill Wagers]

Ok so I sold a property for 1,050,000 cost basis was 175 exchanged for another property for 860k. I was thinking my capital gain would only be 15k. Accountant says I will owe tax on the whole 190k I got back. Man I hope he's wrong that was a costly mistake if not. I was thinking my cost basis 175k would come off the 190k I got back