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In an IRC Section 351 transaction, if a transferor (shareholder) transfers assets to a corporation...

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Accounting

In an IRC Section 351 transaction, if a transferor (shareholder) transfers assets to a corporation when the fair market value of the assets is less than the shareholder's basis in the assets transferred (i.e. a loss), if the corporation elects the corporation need not reduce its basis in the assets received by the loss amount. True or False

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