Expert Answer :ACC565 Discussion


Solved by a verified expert :Week 2 Discussion 
No gain or loss is recognized on the transfer of assets from one corporation to another for stock or securities of the transferee corporation as long as the transferor owns 80% of the transferee’s stock after the transaction.

Create a scenario where the transfer of property to a controlled corporation under Section 351 of the Internal Revenue Code (IRC) results in taxation to the transferor.
Speculate as to the reasons that gain treatment in the current year may be preferred to the deferral of gain.
Provide a tax-planning strategy.

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Hello All. “There are three requirements for a deferral on gains and losses under Sec. 351 (a) includes the transferors must transfer property to the corporation, receive stock from the transferee corporation in exchange for their property, and the transferors control the corporation immediately after the exchange. A corporation could intentionally fail to meet one or more Sec. 351 (a) requirements or engage in a sales transaction. A tax planning strategy will help reduce the tax liability, evaluate investment strategies, deductions, and contributions to reduce the tax burden. The tax planning strategy will help the clients with tax-saving opportunities, so timing, income shifting, and conversion on assets are a sound strategy in the client’s best interest. The tax advisor would evaluate the corporations’ income to determine the tax rates, taxable income, and deductions”.Do you agree?

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