Three Individuals Form Skylark Corporation with the Following Contributions: Cliff

question 91

True/False

Three individuals form Skylark Corporation with the following contributions: Cliff, cash of $50,000 for 50 shares; Brad, land (fair market value of $20,000) for 20 shares; and Ron, cattle (fair market value of $9,000) for 9 shares and services (fair market value of $21,000) for 21 shares. Section 351 will not apply in this situation because the control requirement has not been satisfied.

---

Definitions:

Hunters and Gatherers

Societies or groups that rely primarily on wild sources of food, obtained through hunting animals, fishing, and gathering plants, rather than agricultural cultivation.

Fertility Rates

The average number of children born to a woman over her lifetime within a specific population or country.

Food Foraging

The act of searching for and exploiting food resources, common in hunter-gatherer societies before the advent of agriculture.

Farming Populations

Communities of people who primarily engage in agriculture to produce food and other crops.