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Question 2: Brown incorporated a Sole Proprietorship by exchanging all the proprietorship's assets for the...

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Accounting

Question 2: Brown incorporated a Sole Proprietorship by exchanging all the proprietorship's assets for the stock of GMA Co., a new corporation. To qualify a IRC351tax-free incorporation. Brown must be in control of GMA Co. immediately after the exchange. What percentage of GMA Co. stock must Brown own to qualify as "control" for the purpose?
a)60.00%
b)51.00%
c)67.00%
d)80.00%
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