Kellye, Becky, and Emily formed Whoop! Shotz Corporation with the following contributions: Kellye
Question:
Kellye, Becky, and Emily formed Whoop! Shotz Corporation with the following contributions:
Kellye $50,000 cash
Becky $50,000 cash
Emily Legal services
Each was given a one-third ownership in Whoop! Shotz. What amount of income will Emily recognize if the company is valued at $150,000 after formation?
a. $50,000
b. $33,333
c. $0
d. $40,000
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In this scenario Emily contributed legal services wh...View the full answer
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Related Book For 
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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