Multiple Choice 2 points The Internal Revenue, Code Section that says a corporation shall not recognize gain or loss on the receipt of money or property in exchange for stock is: A. Section 351 O B. Section 358 C. Section 1031 D. Section 1032 Multiple Choice 2 points The Internal Revenue Code Section that determines a corporation's basis in property that it receives in a Section 351 exchange is: A. Section 351 B. Section 357 C. Section 358 O D. Section 362 Multiple Choice 2 points 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. In the aggregate, the transferors of property to the corporation must collectively control the corporation immediately after the transfers O C. None of the above (all of the above are requirements of a Section 351 transaction)