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Considering the differences and similarities between provision 721 (non-recognition of gain or loss on contributions to a partnership) and 351 (corporation formation); for each statement below select one of the following: "Applies to $ 351" or "Applies to 721" or "Applies to Both" Applies to 351 a. Non-recognition of gain or loss on contributions applies only if those persons transferring property to the entity are in control of the entity immediately after the exchange. b. Non-recognition of gain or loss on contributions applies to initial transfers as well as all subsequent contributions to the entity. Applies to Both Applies to $ 351 c. If the transfer of property involves the receipt of money or other consideration, the transaction may be deemed a sale or exchange rather than a tax-free transfer. d. Nonrecognition provisions do not apply to all transfers made by the owners. Applies to $ 721