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Smith incorporated a Sole Proprietorship by exchanging all the proprietorships assets for the stock of...

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Accounting

Smith incorporated a Sole Proprietorship by exchanging all the proprietorships assets for the stock of Sun Co., a new corporation. To qualify for tax-free incorporation. Smithmust be in control of Old immediately after the exchange. What percentage of Olds stock must Smith own to qualify as control for the purpose? a. 50.00% b. 51.00% c. 66.37% d. 80.00%

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