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The corporations stock is distributed equally to kevin and

kevin and Nicole from indigo corporation with the following transfers: inventory from kevin (basis of $320,000 and fair market value of $400,000) and improved real estate from Nicole (basis of $320,000 and fair market value of $375,000). Nicole, an accountant, agrees to contribute her services (worth $25,000) in organizing Indigo. The corporation's stock is distributed equally to kevin and Nicole. how much income, if any is recognized by Nicole?

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Accounting Basics: The corporations stock is distributed equally to kevin and

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