As a general rule, both Sections $721$ and $351$ provide that no gain or loss is recognized when

property is transferred on the formation of a partnership $(721)$ or corporation $(351).$

However, Section $351$ applies only if those person transferring property to a$,$ corporation are

in control $(80\%$ requirement$)$ of the corporation immediately after the exchange, whereas

Section $721$ does not have a control requirement.

True

False