Debate the following proposition. All Corporate formation transaction should be taxable events. PLEASE DO NOT COPY...

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Debate the following proposition. All Corporate formation transaction should be taxable events. PLEASE DO NOT COPY...

Debate the following proposition. All Corporate formation transaction should be taxable events.

PLEASE DO NOT COPY AND PASTE FROM OTHER SOURCES. THANK YOU IN ADVANCE.

business accounting

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Answer 1

Answer #1

PROS:

a. Whether the transaction is taxable or not, process can be simplified by eliminating one of these events. This change will make it easier for law administration.

b. Taxpayers need not to structure transactions to avoid Section 351 to recognise gain or loss with this change.

CONS:

a. This change will affect start up of corporations by reducing capital as the transferor will pay income taxes on the assets transferred.
b. With taxation, corporations have to increase their capital as transferors of non cash property will use its cash in paying taxes.

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Answer 2

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