dicate whether the following statements are "True" or "False" regarding $5351.$

Section $351$ deals with transfers to controlled corporations. $$

Section $351$ provides that gain or loss is not recognized upon the transfer of property $$ to a corporation when certain conditions are met.

Section $351$ is elective if a transaction satisfies the provision's requirements.

Ealse

Nonrecognition of gain occurs only when the shareholder receives stock. $$