On July 1, 2019 in connection with a recapitalization of ABC Corporation, Mary exchanged 1,000 shares of stock which costs her $95,000 for 1,000 shares of new stock worth $108,000 and bonds in the principal amount of $10,000 with a fare market value of $10,500. What is the amount of Tina's recognized gain during 2019?

a) $0

b) $10,500

c) $23,000

d) $23,500