Code Sections-MC1

Question 1

351

Answer 1

treatment to transferor shareholders

Question 2

351 (a)

Answer 2

treatment to transferor shareholders, general rule-nonrecognition

Question 3

351 (b)

Answer 3

treatment to transferor shareholders

receipt of property- taxable boot

Question 4

351 (c)

Answer 4

treatment to transferor shareholders

special rules

Question 5

351 (d)

Answer 5

treatment to transferor shareholders

Contribution of services not considered property

Question 6

351 (e)

Answer 6

treatment to transferor shareholders

exceptions

Question 7

351 (f)

Answer 7

treatment to transferor shareholders

treatment to controlled corporation on distribution of boot property

Question 8

351 (g)

Answer 8

treatment to transferor shareholders

nonqualified preferred stock treated as boot

Question 9

357

Answer 9

corporation’s assumption of transferor shareholder’s liability

Question 10

357 (a)

Answer 10

corporation’s assumption of transferor shareholder’s liability
General rule- not treated as boot for recognition purposes

Question 11

357 (b)

Answer 11

corporation’s assumption of transferor shareholder’s liability
tax avoidance purpose- total amount of liabilities treated as boot

Question 12

357 (c)

Answer 12

corporation’s assumption of transferor shareholder’s liability
Liabilities in excess of basis-triggers recognition

Question 13

358

Answer 13

basis of stock to shareholders

Question 14

358(a)(1)

Answer 14

basis of stock- qualified stock: substituted basis + gain recognized - boot received

Question 15

358(a)(2)

Answer 15

basis of stock to shareholders

boot property received: FMV

Question 16

358(b)

Answer 16

basis of stock to shareholders

allocation of basis

Question 17

358(d)(1)

Answer 17

basis of stock to shareholders
Assumption of liability
in general, treated as boot for basis adj.

Question 18

358(d)(2)

Answer 18

basis of stock to shareholders
assumption of liabilities
exception for Sec. 357(c)(3)

Question 19

362

Answer 19

basis of property to corporation: Carryover basis + gain recognized by shareholder

Question 20

368(c)

Answer 20

control defined

Question 21

1001

Answer 21

determination of gain and loss realized and recognized

Question 22

1001 (a)

Answer 22

determination of gain and loss realized and recognized

computation of gain or loss

Question 23

1001 (b)

Answer 23

determination of gain and loss realized and recognized

amount realized

Question 24

1001 (c)

Answer 24

determination of gain and loss realized and recognized

gain or loss recognized

Question 25

1011

Answer 25

Adjusted basis

Question 26

1012

Answer 26

basis of property-cost

Question 27

1032

Answer 27

exchange(issuance) of stock for property by corporation-non recognition

Question 28

1223

Answer 28

Holding period of property (and stock)