Matt and Sheila form Krupp Corporation. Matt contributes property with an FMV of $55,000 and a basis of $35,000. Sheila contributes property with an FMV of $75,000 and a basis of $40,000. Matt sells his stock to Paul shortly after the exchange. The transaction will
A) not qualify under Sec. 351.
B) qualify under Sec. 351 if Matt can show that the sale to Paul was not part of a prearranged plan.
C) qualify with respect to Sheila under Sec. 351 whether Matt qualifies or not.
D) qualify under Sec. 351 only if an advance ruling has been obtained.
B) qualify under Sec. 351 if Matt can show that the sale to Paul was not part of a prearranged plan.
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Allen calls PepsiCo, the makers of Pepsi Cola, saying that he is an employee of Coca-Cola and he has the Coca-Cola secret recipe. The recipe is legendary as a closely guarded secret supposedly known to only a handful of people in the world. They arrange a meeting. Allen begins the meeting by stating that he acquired the recipe legally, and the PepsiCo representative says that she believes him and PepsiCo will buy it. Allen in fact stole the recipe. Since PepsiCo does not know specifically that the recipe was acquired improperly by Allen, the company cannot be guilty of misappropriation.
Answer the following statement true (T) or false (F)
At the beginning of a research project, you need to
A) develop a formal outline that you plan to stick to throughout your researching and writing. B) familiarize yourself with the subject. C) just jump in by finding resources on the Internet and taking notes. D) develop the conclusion you want to reach and start looking for evidence that supports that conclusion. E) try Google to see if it provides enough information, and if not proceed to databases and other sources.
Voting members of the FOMC include
A. the seven Federal Reserve governors, the presidents of the Federal Reserve Banks of New York, San Francisco, and Chicago, and the presidents of four other Federal Reserve Banks, on a rotating basis. B. five of the seven Federal Reserve governors and the presidents of five Federal Reserve Banks on a rotating basis. C. all of the Federal Reserve governors and the presidents of all Federal Reserve Banks. D. the seven Federal Reserve governors, the president of the Federal Reserve Bank of New York, and the presidents of four other Federal Reserve Banks on a rotating basis.
The act of state doctrine allows the citizen of one country to bring a lawsuit in that country against a law prevalent in another
Indicate whether the statement is true or false