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Control as it relates to a section 351 transaction is strictly defined to be 80 percent or more of the voting power of the stock

Control as it relates to a section 351 transaction is strictly defined to be 80 percent or more of the voting power of the stock of the corporation to which property is transferred. A taxpayer's tax basis in property always begins with its cost to the taxpayer. A taxpayer always will have a tax basis in boot received in a section 351 transaction equal to its fair market value. True of False

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