1. An existing shareholder may help another shareholder transfer property to a corporation under Code...
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Accounting
1. An existing shareholder may help another shareholder transfer property to a corporation under Code Sec. 351 by also contributing any amount of property (even $1) so that the existing shareholder's stock may count towards the "control" requirement.
A. True
B. False
2. Liabilities assumed by a corporation on property contributed under Code Sec. 351 are treated as boot if any of the liabilities are assumed for a tax avoidance purpose or there is no business purpose for their transfer.
A. True
B. False
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