1. Complete the statements below regarding “what is the

1. Complete the statements below regarding “what is the control requirement of § 351”.

The control requirement specifies that the person or persons transferring property to the corporation must own, immediately after the transfer, stock possessing at least 80% of the total combined voting power of all classes of stock entitled to vote, and at least 75% of the total number of shares of all other classes of the corporation’s stock.

2. Classify the following as either “True” or “False” regarding the control requirement of § 351.