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Solely Stock. S transferred appreciated property to a newly created corporation for 60% of its stock while T transferred appreciated property for 40% of the

Solely Stock. S transferred appreciated property to a newly created corporation for 60% of its stock while T transferred appreciated property for 40% of the stock and the corporations 20-year note, payable in equal installments with 10% interest.

a. Does 351 apply to either of these exchanges?

b. How may T report any gain to be recognized from this exchange?

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