Rob bill and steve form big company. rob performs 45000 of, Ask an Expert

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Rob, Bill, and Steve form Big Company. Rob performs $45,000 of services for his shares of the company. Bill transferred property with a basis of $5,000 for $75,000 of stock. Steve contributes cash of $100,000 for his shares. Which of the three must recognize income in the year of the formation?

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Accounting Basics, Accounting

Category:- Accounting Basics
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