Moustapha forms a new corporation, X Corp, and transfers a truck that he used in his business as a sole proprietor in exchange for all X Corp's stock. The truck was purchased two years ago for $20,000 and $17,000 of depreciation has been deducted. Its fair market value is $5,000. The truck will be used in X Corp's business and is subject to $7,000 of debt, which X Corp assumes. Moustapha transfers no other assets to X Corp. How much gain or loss is recognized by Moustapha? O54.000 ordinary income O $1,000 ordinary loss $16.000 ordinary income: $4,000 Sec. 1231 gain No gain or loss