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What is lances basis in the stock and what amount is include

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Reference no: EM132317199

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?

Reference no: EM132317199

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