All multiple choice questions are 3 pts. each 1. Which of the following requirements do not have to be met in a Section 351 transaction? a) Each transferor of property must receive stock equal to at least 80 percent of the fair market value of the property transferred. b) As a group, the transferors of property to the corporation must collectively control the corporation immediately after the transfers. c) Only property transferred to a corporation is eligible for deferral. d) All transfers of property to a corporation must be made simultaneously to qualify for deferral. e) None of the above 2. Inez transfers property with a tax basis of $200 and a fair market value of $300 to a corporation in exchange for stock with a fair market value of $250 in a transaction that qualifies for deferral under Section 351. The corporation assumed a liability of $50 on the property transferred. What is the corporation's tax basis in the property received in the exchange? a) $150. b) $200. c) $250. d) $300. c) None of the above 3. Antoine transfers property with a tax basis of $500 and a fair market value of $600 to a corporation in exchange for stock with a fair market value of $550 in a transaction that qualities for deferral under Section 351. The corporation assumed a liability of $50 on the property transferred. What is Antoine's tax basis in the stock received in the exchange? a) S600 b) $550. c) $500. d) $450. e) None of the above