If both §§ 357(b) and (c) apply to the same transfer (i.e., the liability is not supported by a bona fide business purpose and also exceeds the basis of the properties transferred), § 357(c) predominates.
Correct Answer:
Verified
Q18: If a transaction qualifies under § 351,
Q19: Similar to the like-kind exchange provision, §
Q20: Similar to like-kind exchanges, the receipt of
Q21: Basis of appreciated property transferred minus boot
Q22: When depreciable property is transferred to a
Q24: A shareholder transfers a capital asset to
Q25: Because boot is generated under § 357(b)
Q26: To help avoid the thin capitalization problem,
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Q28: A shareholder contributes land to his wholly
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