Question: Review each situation below and determine whether or not it meets the IRC Section 351 control Requirements. Use the drop-down menu to respond yes or

Review each situation below and determine whether or not it meets the IRC Section 351 control Requirements. Use the drop-down menu to respond "yes" or "no". Lee and Patty each contribute property with a FMV of $50,000 to Gracie Corp in exchange for 50 shares of stock each. Patty's property also had debt which Gracie Corp assumed

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