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Kellye, Becky, and Emily formed Whoop! Shotz Corporation on 1/1/2014 with the following transactions: Kellye contributes $50,000 Cash Becky contributes $50,000 Cash Emily contributes Legal

Kellye, Becky, and Emily formed Whoop! Shotz Corporation on 1/1/2014 with the following transactions:

Kellye contributes $50,000 Cash

Becky contributes $50,000 Cash

Emily contributes Legal Services

Each was given a 1/3 ownership in Whoop! Shotz. What amount of income will Emily recognize, if the company is valued at $150,000 after formation?

-A. $40,000

-B. $0.00

-C. $50,000

-D. $33,333

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