Anton, Bettina, and Caleb Form Cage Corporation

question 55

Essay

Anton, Bettina, and Caleb form Cage Corporation. Each contributes appreciated property worth $10,000 for one-third of the Cage stock. Before the exchange, Anton arranges to sell his stock to Darma as soon as he receives it. Does Sec. 351 apply?

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Definitions:

Binet-Simon Scale

An early psychological test developed to measure intelligence by assessing verbal abilities, memory, attention, and problem-solving skills.

Scholastic Achievement

Refers to the level of academic success or performance that a student has achieved, often measured through grades and standardized tests.

Gifted Children

Kids showing remarkably high levels of skill or ability in one or more areas at a notably young age.

Emotional Intelligence

The ability to identify, understand, manage, and use emotions in positive ways to communicate effectively, empathize with others, relieve stress, and overcome challenges.