Four individuals form Chickadee Corporation under § 351.Two of these individuals,Jane and Walt,made the following contributions: 
Both Jane and Walt receive stock in Chickadee Corporation equal to the value of their investments.
A) Jane must recognize income of $40,000;Walt has no income.
B) Neither Jane nor Walt recognize income.
C) Walt must recognize income of $130,000;Jane has no income.
D) Walt must recognize income of $100,000;Jane has no income.
E) None of the above.
Correct Answer:
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