To Meet the Control Test Under Section 351, Taxpayers Transferring

question 11

True/False

To meet the control test under section 351, taxpayers transferring property to a corporation must in aggregate own 80 percent or more of the corporation's voting stock and 80 percent of each class of nonvoting stock after the transfer.

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Definitions:

Chronic Glomerular Nephritis

A kidney condition involving long-term inflammation and damage to the glomeruli, affecting filtration and kidney function.

Renal Failure

A medical condition where the kidneys lose their ability to adequately filter waste products from the blood.

Digestive System

The system of organs responsible for the intake, breakdown, absorption of food and elimination of waste, including the mouth, esophagus, stomach, intestines, and related structures.

Chronic Glomerular Nephritis

A long-term inflammation of the tiny filters in the kidneys (glomeruli) that can lead to kidney failure.