Business, 06.07.2021 23:10 tombomb7395
Lee, an attorney, uses the cash receipts and disbursements method of reporting. A client gave Lee 500 shares of a listed corporation's stock in full satisfaction of a $10,000 legal fee the client owed to Lee. This stock had a fair market value of $8,000 on the date it was given to Lee. The client's basis for this stock was $6,000. Lee sold the stock for cash the next year. In Lee's income tax return, what amount of income should be reported in connection with the receipt of the stock
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Lee, an attorney, uses the cash receipts and disbursements method of reporting. A client gave Lee 50...
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