1) If a transfer of property from a shareholder to a corporation in return for its shares does not qualify for Sec 351 treatment, the transfer would result in:

a) full gain or loss recognition

b) partial gain or loss recognition

c) no gain or loss recognition

d) none of the above

2) The provisions of Code Sec 351 are:

a) mandatory

b) optional if elected by a majority of the shareholders

c) optional if elected by all the shareholders

d) optional if elected by the corporation