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Lee and Patty each contribute property with a FMV of $ 5 0 , 0 0 0 to Gracie Corp in exchange for 5 0

Lee and Patty each contribute property with a FMV of $

50, 000

to Gracie Corp in exchange for

50

shares of stock each. Patty's property also had debt which Gracie Corp assumed. Does this meet the IRC section

351

control requirements?

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