In which of the following unrelated exchanges is the Sec. 351 control requirement met? If the transaction
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a. Fred exchanges property worth $50,000 and services worth $50,000 for 100 shares of New Corporation stock. Greta exchanges $100,000 cash for the remaining 100 shares of New stock.
b. Maureen exchanges property worth $2,000 and services worth $48,000 for 100 shares of Gemini Corporation stock. Norman exchanges property worth $50,000 for the remaining 100 shares of Gemini stock.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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