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What amount should tony recognize as income

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Reference no: EM132818957

Question - Tony recently acquired a 40% share in Walden Corporation. The value of the stock is $65,000. He received the shares in return for both a property and financial services he provided to Walden. These financial services were valued at $25,000. The fair market value and adjusted basis of the property to Tony is $40,000. What amount should Tony recognize as income on the exchange?

A. $40,000

B. $25,000

C. $10,000

D. $65,000

Reference no: EM132818957

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