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| In 2010, Celia Mueller bought a $1,000 bond issued by Disco Corporation, for $1,100. Instead of paying off the bondholders in cash, Disco issued 100 shares of preferred stock in 2013 for each bond outstanding. The preferred stock had a fair market value of $15 per share. What is the recognized gain to be reported by Mueller in 2013? A. $0. B. $400 dividend. C. $400 long-term capital gain. D. $500 long-term capital gain. |