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for a taxpayer transferring property to a corporation in a section 351 transaction the stock received...

for a taxpayer transferring property to a corporation in a section 351 transaction the stock received in the transfaction is given a carryover basis. true or false

In a 351 transaction any corporate debt or securities received are treated as boot because they donot qualify as stock. true or false

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Questions :-for a taxpayer transferring property to a corporation in a section 351 transaction the stock received in the transaction is given a carryover basis

Answer : FALSE

Questions :-In a 351 transaction any corporate debt or securities received are treated as boot because they donot qualify as stock

Answer : TRUE

Any corporate debt or securities (long term debt like bonds) received are treated as boot because they do not qualify as stock - causes recognition of gain

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