Income Tax on a Dollar?

When Congressman Randy "Duke" Cunningham sold his yacht the Kelly C to convicted New York scam artist, Thomas T. Kontogiannis, Mr. Kontogiannis apparently only paid the Duke "one dollar" for a boat that Mr. Kontogiannis says appraised at $1.2M. According to the North County Times,

In 2002, a company controlled by the family of New York businessman Thomas T. Kontogiannis bought the yacht, called the "Kelly C," from Cunningham for $627,000. Kontogiannis said Tuesday that he paid $30,000 down and took over a $143,000 bank loan of Cunningham's that was outstanding on the boat as part of the deal...

He added that the purchase price was one dollar, plus other "valuable goods."

Subsequent to the purchase Mr. Kontogiannis paid off the Duke's second mortgage on his Rancho Santa Fe home, which was financed by a company owner by Mr. Kontogiannis' daughter and nephew. I assume that those were the apparently tax free "valuable goods" that Mr. Kontogiannis provided to Duke.

In Duke's income tax bracket, what would the tax be on a "one dollar" profit?

NOTE: I know that it is getting tough to keep all of the players and pay-offs straight in the Duke’s growing web of financial dealing, so the Swing State Project has put together a scorecard for us.