Land contributed to a corporation by a local government to induce the corporation to locate in the community is Taxable Income ( for the Fair Market Value of the Land ) to the corporation.

Land contributed to a corporation by a local government to induce the corporation to locate in the community is Taxable Income (for the Fair Market Value of the Land) to the corporation. FALSE TRUE QUESTION 18 If both Section 357 (b) (No Bona Fide Business Purpose) and Section 357(c) (debt exceeds the basis of properties transferred (ie. Excess Debt)) apply to the same Section 351 transfer, Section 357 (b) controls. TRUE FALSE QUESTION 19 For a Section 351 Transfer, if Section 357(b) Debt (No Bona Fide Business Purpose) applies to the transfer, if some debt is tainted all debt becomes (is) tainted. TRUE FALSE