Identify Which of the Following Statements Is True

question 70

Multiple Choice

Identify which of the following statements is true.

• A) Aspect Corporation transfers assets to newly created Expert Corporation in exchange for all of Expert's stock. Shortly after the transfer, Aspect exchanges one- half of the Expert stock that it receives for land. The individuals transferring the land have never been Aspect shareholders. This transaction qualifies as a divisive Type D reorganization and is tax- free to all parties.
• B) The control requirement for Sec. 355 differs from the control requirement under Sec. 351.
• C) Common stock can be exchanged for preferred stock in the same corporation as a Type E reorganization.
• D) All of the above are false.

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Definitions:

Limited Government

A political ideology that advocates for minimal governmental intervention in personal liberties and the economy, emphasizing the importance of individual freedoms.

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An economic system where prices for goods and services are determined by open competition between privately owned businesses.

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A concept referring to the set of liberties, rights, and privileges that are often considered to be the foundation of the United States, including freedom of speech, religion, and the press.