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this stock had a fair market value of 4 000 on the date it was given to blair the cl 624145

Blair, CPA, uses the cash receipts and disbursements method of reporting. In 2006, a client gave Blair 100 shares of a listed corporation’s stock in full satisfaction of a $5,000 accounting fee the client owed Blair. This stock had a fair market value of $4,000 on the date it was given to Blair. The client’s basis for this stock was $3,000. Blair sold the stock for cash in January 2007. In Blair’s 2006 return, what amount of income should be reported in connection with the receipt of the stock?

  1. $0
  2. $3,000
  3. $4,000
  4. $5,000

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