Lee, an attorney, uses the cash receipts and disbursements
method of reporting. In 2012, a client gave Lee 500 shares of a
listed corporation’s stock in full satisfaction of a $10,000 legal fee
the client owed to Lee. This stock had a fair market value of
$8,000 on the date it was given to Lee. The client’s basis for this
stock was $6,000. Lee sold the stock for cash in January 2013. In
Lee’s 2012 income tax return, what amount of income should be
reported in connection with the receipt of the stock?