Discuss the IRS Reporting Requirements Under Sec. 351

question 48

Essay

Discuss the IRS reporting requirements under Sec. 351.

---

Definitions:

Shareholders

Individuals or entities that own one or more shares of stock in a corporation and therefore have a financial stake in its performance.

Ultra Vires Act

An action taken by a corporation or its officers that exceeds the powers granted by its charter or law.

Implied Powers

Powers not explicitly stated in the constitution or legal framework but are deemed necessary to implement the expressed powers.

Publicly Traded

describes a company whose shares are bought and sold on stock exchanges, available to general investors.