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Carole, Karmen, and Charles formed ABC corporation. Carole received 60 percent of the stock in ABC Corporation in exchange for appreciated property, Karmen received 30

Carole, Karmen, and Charles formed ABC corporation. Carole received 60 percent of the stock in ABC Corporation in exchange for appreciated property, Karmen received 30 percent of the stock in ABC Corporation in exchange for legal services, and Charles received 10 percent of the stock in ABC Corporation in exchange for cash.

Must Carole recognize the gain she realized on her transfer of the appreciated property?

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