The Assignment of Income Doctrine Does Not Apply If the Transferor

question 3

True/False

The assignment of income doctrine does not apply if the transferor in a Sec. 351 exchange in which no gain is otherwise recognized transfers substantially all the assets and liabilities of the transferor's trade or business to the controlled corporation.

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A classification in biology and taxonomy referring to a group of species that share common characteristics, ranking above species and below family.

Genus

A principal taxonomic category that ranks above species and below family, used in the classification of organisms and the grouping of species sharing common characteristics.

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