For Sec. 351 purposes, the term "property" does not include
A)cash.
B)accounts receivable.
C)inventory.
D)services rendered.

Question

Quizplus · Accepted Answer

For Sec. 351 purposes, the term "property" includes tangible and intangible property, but it does not include services rendered. Therefore, choice D is the correct answer. Choices A, B, and C are incorrect because cash, accounts receivable, and inventory are all considered property for Sec. 351 purposes.

For Sec 351 Purposes, the Term "Property" Does Not Include