eBook Calculator Print Item Tax Drill - Section 351 Overview Indicate whether the following statements are "True" or "False" regarding 5 351. a. Section 351 deals with transfers to controlled corporations. b. Section 351 provides that gain or loss is not recognized upon the transfer of property to a corporation when certain conditions are met. C. Section 351 is elective if a transaction satisfies the provision's requirements. d. Nonrecognition of gain occurs only when the shareholder receives stock