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Question:512 Which of the following is not a required characteristic of a qualifying Section 351 transaction? A. If more than 20 percent of the dock is transferred for services, a property must also be transferred by the service provider. B. Gain may be recognized if the transferor receives something other than stock. C. The transferors must control the corporation after the transfer. D. Control requires only owning 80 percent of the value of the voting stock. E. All are characteristics.

Question:512 Which of the following is not a required characteristic of a qualifying Section 351 transaction? A. If more than 20 percent of the dock is transferred for services, a property must also be transferred by the service provider. B. Gain may be recognized if the transferor receives something other than stock. C. The transferors must control the corporation after the transfer. D. Control requires only owning 80 percent of the value of the voting stock. E. All are characteristics.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question:512 Which of the following is not a required characteristic of a qualifying Section 351 transaction? A. If more than 20 percent of the dock is transferred for services, a property must also be transferred by the service provider. B. Gain may be recognized if the transferor receives something other than stock. C. The transferors must control the corporation after the transfer. D. Control requires only owning 80 percent of the value of the voting stock. E. All are characteristics.
Transcribed Image Text:Question:512 Which of the following is not a required characteristic of a qualifying Section 351 transaction? A. If more than 20 percent of the dock is transferred for services, a property must also be transferred by the service provider. B. Gain may be recognized if the transferor receives something other than stock. C. The transferors must control the corporation after the transfer. D. Control requires only owning 80 percent of the value of the voting stock. E. All are characteristics.
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