Bill transferred property worth $75,000 and services worth $25,000 to the X corporation. In exchange, he received stock in X valued at $100,000. Immediately after the exchange, Bill owned 80% of the only class of outstanding stock. Which of the following is true with respect to Bill's treatment of the transaction?
a. short term capital gain of $100,000
b. short term capital gain of $25,000
c. ordinary income of $25,000
d. no income until the stock is sold