In General, the Basis of Property to a Corporation in a Transfer

question 42

True/False

In general, the basis of property to a corporation in a transfer that qualifies as a nontaxable exchange under § 351 is the basis in the hands of the transferor shareholder decreased by the amount of any gain recognized on the transfer.

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Definitions:

Auditory Stimuli

Sounds or acoustic signals that are detected by the auditory system, triggering a response or recognition.

First Languages

The primary language(s) that a person learns from early childhood, which shapes their cognitive and communication skills.

Blind From Birth

A condition of lacking visual perception due to physiological or neurological factors from the time of birth.

Sensitive Period

A specific phase in an organism's development during which it is particularly receptive to certain environmental stimuli or experiences.