On page 69 Question (b),is the 10% test made with the cash of $150,00

On page 69 Question (b),is the 10% test made with the cash of $150,000 and the 150 shares of stock received by the Manager? Does this mean 100%? Am I right? And does the manager recognize $400,000 of ordinary income and the corporation recognize $400,000 of business expense?  Law Social Science Tax law TAXA 9867

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