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2 Check My Works usedDiscussion Question 4-3 (LO. 1)Regarding the purpose for § 351, classify each of the following as either "Property" or "Not property".a. Servicesb. Plant and equipmentc. Unrealized receivables of a cash basis taxpayerd. Installment obligationse. CashFeedbackCheck My WorkQuestions have arisen concerning what constitutes property for purposes of § 351. In general, the definition of property is comprehensive.Post-SubmissionAnswers: Not property; Property; Property; Property; Property.Questions have arisen concerning what constitutes property for purposes of § 351. In general, the definition of property is comprehensive. Forexample, along with plant and equipment, unrealized receivables of a cash basis taxpayer and installment notes are considered property. Althoughthe disposition of an installment note receivable normally triggers deferred gain, its transfer under § 351 is not treated as a disposition. Thus, gainis not recognized to the transferor. Proprietary processes and formulas as well as proprietary information in the general nature of a patentable