To Meet the Control Test Under Section 351, a Taxpayer

question 51

True/False

To meet the control test under section 351, a taxpayer transferring property to a corporation must by himself own 80 percent or more of the corporation's voting stock and 80 percent of each class of nonvoting stock after the transfer even if there are other transferors of property.

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Definitions:

Characteristic Mode

The typical or unique way in which something functions or expresses itself.

Adaptation

The process by which organisms adjust to changes in their environment, ensuring survival and functioning.

Maintenance

The act of keeping something in a state of good repair or efficiency, encompassing activities such as cleaning, repairing, and preventing decay.