Reference no: EM131201233
1. Which of the following scenarios will qualify under Section 351 as a nontaxable corporate formation? For those that do not qualify, what requirement of section 351 do they violate?
a. Giner, Mary Ann, and Mrs. Howell form GMH Corp. Ginger contributes memorabilia in exhange for 40% of GMH's stock, Mary Ann contributes farmland in exhange for 30% of GMH, and Mrs. Howell contributes cash in exchange for the remaining 30%.
b. Cylde founded ABC corp in 1998 and owns all of ABC's 1,000 share of outstanding stock. In 2000, ABC issues 300 shares of new stock to Bonnie in exchange for land that Bonnie owned. Will Bonnie's contribution qualify under Section 351?
c. With the same facts as part b, now ABC issues 4,500 shares of new stock to Bonnie in exchange for Bonnie's land.
d. Bert and Ernie form Duckie Corp. in late 1999. Bert contributes $10,000 cash in exchange for 60% pf Duckie's stock; Ernie contributes services in exchange for the remaining 40% of Duckie.
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