Badger Corporation declared a stock dividend to all shareholders of record on March 25 of this year. Shareholders will receive one share of Badger stock for each ten shares of stock they already own. Madison Cheeseman owns 1,000 shares of Badger stock with a tax basis of $100 per share. The fair market value of the Badger stock was $110 per share on March 25 of this year. What would the taxable income be if Madison was offered the choice between one share of stock in Badger for each ten shares she owned or $100 cash for each ten shares she owned in Badger?