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757 mid spr 2020--online rev. (1) - Saved to this PC myout References Mailings Review Search Help View Foxit PDF 13. Alan, Bruce and Connie

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757 mid spr 2020--online rev. (1) - Saved to this PC myout References Mailings Review Search Help View Foxit PDF 13. Alan, Bruce and Connie want to combine their property in a new corporate business. Alan transfers property for 300 shares of the new corporation's stock on Jan 6, 2020. Bruce transfers his property for 400 shares of the stock on Jan. 12, 2020. Connie transfers her property for 300 shares of the stock on March 6, 2020. If these exchanges occurred in accordance with a prearranged plan, then a Section 351 does not apply since any two c. Section 351 does not apply because the of the shareholders do not have control of shareholders wanted too long to execute the corporation the property transfers and so do not have control of the corporation b. Section 351 applies to all the shareholders d. Section 351 would have applied if the since, together, they own 100% of the transfers were not part of a prearranged stock and so have control of the plan corporation corpot 14 Jean and Katherine form Newcorp. They transfer appreciated property and get back 50 shares each of Newcorp stock. Shortly after this exchange, Jean gives 25 shares to her son. She was not obligated to do this before the exchange. What result? a Jean and Katherine must recognize gain c. Jean and Katherine do not recognize any on the exchange because they failed to gain on the exchange because Section 351 achieve control of the corporation applies b. Jean and Katherine must recognize gaind. None of these. on the exchange because the son is a related party to one of the transferors

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