Han Transferred Land to His Corporation in a §351 Transaction

question 14

True/False

Han transferred land to his corporation in a §351 transaction. Han had held the land for two years prior to the transfer. The corporation will tack Han's holding period for the land.

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Definitions:

Mutual Benefit

refers to a situation or action that provides advantages or positive outcomes to all parties involved.

Fundamental Duty

A basic or essential obligation that is imposed on an individual or entity by law, morality, or contract.

Bailments

A legal relationship where personal property is transferred from one party to another under agreement that the property will be returned or otherwise dealt with according to the owner's directions.

Express

Directly stated, explicit, or clearly defined.