35 A taxpayer performs legal services, valued at $50,000, for a corporation in exchange for 10% of its stock with a fair market value of $70,000. What is the immediate tax consequence to this taxpayer? W Recognize $20,000 gain O Recognize $20,000 loss Recognize $50,000 of ordinary income O Recognize $70,000 of ordinary income NEXT > BOOKMARK Question navigation D 31 32 33 33 34 36 35 NEXT ? QUES