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Carl and Lynn each own 50 shares of North Corporation stock. Carl transfers property worth $50,000 to North for an additional 25 shares. Does Sec.

Carl and Lynn each own 50 shares of North Corporation stock. Carl transfers property worth $50,000 to North for an additional 25 shares.

Does Sec. 351 apply? Explain to us why or why not.

If not, what can be done to qualify the transaction for Sec. 351 treatment?

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