On July 1, 2012, in connection with a recapitalization of Yorktown Corporation, Robert Moore exchanged 1,000 shares of stock which cost him $95,000 for 1,000 shares of new stock worth $108,000 and bonds in the principal amount of $10,000 with a fair market value of $10,500. What is the amount of Moore's recognized gain during 2012?
A. $0
B. $23,000
C. $10,500
D. $23,500
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