Because Services Are Not Considered Property Under § 351, a Taxpayer

question 58

True/False

Because services are not considered property under § 351, a taxpayer must report as income the fair market value of stock received for such services.

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Definitions:

Testators

Individuals who have made a will or testament in preparation for their death.

Property

Assets owned by an individual or entity, including both tangible items like real estate and cars, and intangible items like intellectual property.

Indefinite

Lacking clear definition or limits; vague or uncertain in duration or scope.

Property

Items or assets owned by individuals or entities, including real estate and personal possessions.