Lance Lang received 50 shares of ($ 10) par value stock from Randy Rainey in return for

Question:

Lance Lang received 50 shares of $\$ 10$ par value stock from Randy Rainey in return for performing legal services. The fair market value of the 50 shares was $\$ 750$. What is Lance's basis in the stock and what amount, if any, is included in his taxable income?

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