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This Year, the City of Seattle Gives Dotcom Corporation $120,000

Question 72

Essay

This year, the City of Seattle gives Dotcom Corporation $120,000 cash and land worth $200,000 to induce it to relocate to Seattle. Dotcom did not spend the cash during the 12 months following the contribution. What are the tax consequences to Dotcom?

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$320,000 income is r...

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