Considering the differences and similarities between provision 721 (non-recognition of gain or loss on contributions to a partnership) and 351 (corporation formation); for each statement below select one of the following: "Applies to 351" or "Applies to 721" or "Applies to Both"

a. Non-recognition of gain or loss on contributions applies only if those persons transferring property to the entity are in control of the entity immediately after the exchange. (351/721/Both)

b. Non-recognition of gain or loss on contributions applies to initial transfers as well as all subsequent contributions to the entity. (351/721/Both)

c. If the transfer of property involves the receipt of money or other consideration, the transaction may be deemed a sale or exchange rather than a tax-free transfer. (351/721/Both)

d. Nonrecognition provisions do not apply to all transfers made by the owners. (351/721/Both)