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How much income does Sarah recognize

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Reference no: EM132845187

Question - Sarah acquired 90% of Fast Corporation's shares in exchange for consulting services worth $85,000. The fair market value of Fast Corporation's shares is $93,500. How much income does Sarah recognize?

A. $93,500

B. $76,500

C. $0

D. $85,000

Reference no: EM132845187

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