Which of the following statements best describes the concept of control as it applies to a section 351 transaction? Control is defined as the ownership of 80 percent or more of a corporation's voting stock. Control is defined as the ownership of 80 percent or more of the fair market value of a corporation's stock. Control is defined as the ownership of 80 percent or more of a corporation's voting stock and 80 percent or more of the fair market value of a corporation's stock. Control is defined as the ownership of 80 percent or more of a corporation's voting stock and 80 percent or more of the total number of shares of each class of nonvoting stock