In the original formation of a C corporation, governed by IRC section 351, Samantha Shareholder,...
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Accounting
In the original formation of a C corporation, governed by IRC section 351, Samantha Shareholder, one of the contributing shareholders, contributed qualifying tangible property with a basis of $4K (and a fair market value of $6K) as well as accounting services worth $4K for the stock she received (worth $10K). How much, if any, ordinary income will Samantha Shareholder recognize as a result of this transaction?
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