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Suppose Elijah and Zion each own 100 shares of North Corporation stock. Zion transfers property worth $50,000 to North for an additional 25 shares. Does
Suppose Elijah and Zion each own 100 shares of North Corporation stock. Zion transfers property worth $50,000 to North for an additional 25 shares.
- Does Sec. 351 apply to the scenario above? Explain why or why not.If not, what can be done to qualify the transaction for Sec. 351 treatment?
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