Omar is the sole shareholder of Plum Corporation, which has annual taxable income of approximately $200,000. Omar formed a new solely owned corpo- ration, Ivory Corporation, and had Plum Corporation transfer one-half of its assets to Ivory Corporation. Because this results in each of the two corporations having approximately $100,000 of taxable income each year, Omar believes it will reduce overall corporate income taxes. Will Omars plan work? Discuss.