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Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock wi value of

Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock wi value of $4,000 for her services. By the end of the year, the value of stock had decreased to $2,000. She continued to hold the stock. Jud must recognize $4,000 of gross income from the stock for the curren year. True False

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