Explain section 351
Sure! Section 351 of the Internal Revenue Code (IRC) is a provision that allows you to transfer property to a corporation without recognizing a gain or loss for tax purposes. This can be very beneficial if you're starting a new corporation or contributing additional assets to an existing one. Here are the key points: 1. **Property Transfer**: You must transfer "property" to the corporation. Property can include cash, real estate, equipment, patents, and even stock in another corporation. However, services are not considered property under Section 351. 2. **Control Requirement**: After the transfer, you and any other transferors must collectively own at least 80% of the corporation's stock. This means you need to have control of the corporation immediately after the transfer. 3. **No Gain or Loss**: If these conditions are met, you generally won't recognize any gain or loss on the transfer. This means you won't have to pay taxes on any appreciated property you transfer to the corporation. 4. **Basis and Holding Period**: The basis of the property in the hands of the corporation will be the same as it was in your hands, increased by any gain you recognized on the transfer. The holding period of the property also carries over to the corporation. 5. **Stock Received**: The stock you receive in exchange for the property will have a basis equal to the basis of the property you transferred, minus any money received, plus any gain recognized. Section 351 is designed to
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