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Tax Drill - Section 351 Considerations Indicate whether the following statements are...

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Accounting

Tax Drill - Section 351 Considerations
Indicate whether the following statements are "True" or "False" regarding tax considerations under 351.
a.In a 351 transfer where no gain is recognized, the depreciation recapture rules apply.
TrueFalse
b.In a 351 transfer, the shareholder's holding period for stock received in exchange for a capital asset or 1231 property includes the holding period of the property transferred to the corporation.
TrueFalse
c.In a 351 transfer, a transfer of stock for services is not a taxable transaction to a corporation.

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