A and B, two individuals formed X Corporation on January 1 of Year 1. On that date A transferred property, a capital asset A owned for 5 years, with a fair market value of $100,000 and an adjusted basis of $40,000 to X in exchange for 90 shares of X stock and $10,000 cash. B transferred y stock (5% ownership in Y) with a FMV of $90,000 and AB of $100,000 to X in exchange for 90 shares of X stock. During Year 1: Xhad revenue of $50,000 X received $10,000 dividends from Y X donated $9,000 to a qualified charity X sold the property contributed by A for $70,000 What is X' taxable income for year 1? . A and B, two individuals formed X Corporation on January 1 of Year 1. On that date A transferred property, a capital asset A owned for 5 years, with a fair market value of $100,000 and an adjusted basis of $40,000 to X in exchange for 90 shares of X stock and $10,000 cash. B transferred y stock (5% ownership in Y) with a FMV of $90,000 and AB of $100,000 to X in exchange for 90 shares of X stock. During Year 1: Xhad revenue of $50,000 X received $10,000 dividends from Y X donated $9,000 to a qualified charity X sold the property contributed by A for $70,000 What is X' taxable income for year 1