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Is the transaction nontaxable under Code Sec

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Question - Olivia and Tatiana form Jen Co. earlier this year. Olivia contributed services worth $24,000 and property worth $1,000 and Tatiana contributed property worth $25,000. Each received 25 shares of Jen Co. Is the transaction nontaxable under Code Sec. 351?

Reference no: EM132894296

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