Section 351 Indicate whether the following qualify as Section 351 transfers:

Yes No 1. Olive transfers land to Quick for 65% of Quick stock, and Mary provides services to

Quick for the remaining 35% of Quick stock.

2. John and his wife, Sally, each have owned 50 shares of the 100 outstanding shares of Vast Corporation stock since it was formed three years ago. In the current year, their son, Sam, transfers land worth $50,000 for 50 newly issued shares of Vast stock.

3. Pete transfers land to Target Corporation for 60% of Target stock, and Robert transfers a machine worth $20,000 and performs services worth $10,000 for the remaining 40% of Target stock.

4. Charles and Ruth develop a plan to form Tiny Corporation. On June 3 of this year Charles transfers land worth $50,000 for 50 shares of Tiny tock. One year later, Ruth transfers $50,000 cash for the remaining 50 shares of Tiny.

5. Fred exchanges a machine worth $10,000 for all 100 shares of a new corporation and receives cash of $3,000.

6. John transfers property to Johnson for 20% of Johnson stock, and Sam provides services to Johnson for the remaining 80% of Johnson Stock.