Time left 1:16:54 Question 22 Not yet answered Marked out of 1.00 Jack exchanges property worth $100,000 ($30,000 basis) for 70% of the stock. Janet owned 100% of the company before the company transferred 70% to Jack for his property. Immediately after the transfer, Jack and Janet own 100% of the company. Janet to participate in the transaction put an additional $1,000 into the company to keep her 30%. This is a 351 since they have more than 80 percent control and both participated. Flag Question Select one: True False