Section 351 is a deferral of gain or loss on a property that is transfered to a corporation inexchange for stock. There are many applicable subprovisions. It can effect the sale of real estate in an accounting of the sale, because the basis of the property will be the same as the original owner, not the fair market value at the time of transfer. Additinal gain or loss can be recognized at the sale.
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IRC section 351
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