Judy is a cash basis attorney. This year, she performed services in connection with the...
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Accounting
Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock with a value of $ for her services. By the end of the year, the value of the stock had decreased to $ She continued to hold the stock. Judy must recognize $ of gross income from the stock for the current year. True False
Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock with a value of $ for her services. By the end of the year, the value of the stock had decreased to $ She continued to hold the stock. Judy must recognize $ of gross income from the stock for the current year.
True
False
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