What will be her federal income tax consequences

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Reference no: EM13750334

Facts: Lisa Lesslee, an outstanding All Star WMBA basketball player, is considering transferring the sole right to use her name to promote ladies basketball shoes and apparel manufactured and sold by NIK Corporation. The company has offered to pay $2 million to obtain the right to use Lisa's name on the shoes and apparel and in advertisements for the shoes and apparel. Issues: If Lisa Lesslee accepts the offer, what will be her federal income tax consequences?

Reference no: EM13750334

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