11. Wendell is an executive with CFO Tires. At the beginning of this year the corporation loaned Wendell $50,000 at an interest rate of one percent. Wally would have paid interest of $2,500 this year if the interest rate on the loan had been set at the prevailing Federal interest rate. Wally used the funds as a down payment on a vacation home and during the year he paid $500 of interest to CFO. On December 31, CFO forgave the loan and remaining interest. What amount of gross income does Wally recognize from the loan this year