On January 1, 1998, T owned 10 unimproved lots with an adjusted basis of $10 and a FMV of $15 per lot. T hired X, a general contractor, to perform subdivision services in regard to the property e.g. planting, grading, surveying, draining, etc. X's bill for these services came to $10 per lot or $100. X agreed to accept 4 of these lots (now worth $25 per lot) as payment for his services. What result to T and X? Relying on any authority? Is there a taxable event? Any ethical issues? How to resolve ethical issues?