1. What is the purpose of IRC Section 351? What do you think the reason is for this code section? 2. Why doesn't IRC Section 351 apply to services? Do you think this tax treatment is fair? 3. Do you think it's fair that Capital Gains, for individuals, are taxed at lower rates as compared to the rates for ordinary income? (for example salary income) Remember that the Capital Gains rates are 0%/15%/20% depending upon your ordinary income tax bracket, while ordinary income can be taxed up to 37%. Defend your