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19-3 As part of the incorporation, Ginny received 10 percent of the stock in 360 Air valued at $60,000 in exchange for her services in

19-3 As part of the incorporation, Ginny received 10 percent of the stock in 360 Air valued at $60,000 in exchange for her services in setting up the corporation. Will Ginny defer recognition of the $60,000 gain she realizes on the transaction?

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