Abstract- The provisions contained in IRC Sec 357 must be very carefully examined so the non-taxable standing in the transfer of liabilities into a controlled Company designed beneath Sec 351 will not be jeopardized. According to Sec 351, a transfer of assets to a company in exchange for stocks will not trigger the recognition of any gain or reduction supplied that the recipient of your stocks will immediately achieve Charge of the corporation.
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In principle, I would just figure all liabilities in extra of all belongings and There may be the acquire. Nonetheless, are accounts receivable and accounts payable dealt with otherwise?
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Ok, so it seems like a get must be recognized. Now, one even further issue. The Corporations transferring all in their property and liabilities were being about the more info cash foundation of accounting.
All over again, every little thing is remaining contributed to The brand new entity. That is now my confusion. So it would appear that the contribution of your Cash and N/P would deliver a $one hundred fifty obtain because the liabilities exceed the belongings. If The solution, is report a acquire, that is simple. The get is claimed, retained earnings nets to $0, the harmony sheet is clear and the entity contains a $0 basis in the NewCo entity.
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