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.

---

Definitions:

Duplicated Chromosome

A chromosome that has undergone replication resulting in two identical copies joined together, important for cell division.

Chromatid

A chromatid is one of two identical halves of a replicated chromosome, which are joined at their centromeres, before being separated during cell division.

Early Prophase

The initial phase of mitosis or meiosis when chromosomes begin to condense and the nuclear envelope starts to break down.

Metaphase

Stage of mitosis at which all chromosomes are aligned midway between spindle poles.