Question
When is a transfer of property for stock tax-free under §351?
Tap to flip
Answer
When transferors control at least 80% immediately after the exchange.
Tap to flip back
Question
What is the first tier in corporate distribution ordering?
Tap to flip
Answer
Dividends to the extent of current and then accumulated E&P.
Tap to flip back
Question
How does apportionment differ from allocation?
Tap to flip
Answer
Apportionment splits business income; allocation assigns nonbusiness income to one state.
Tap to flip back
Question
What is nexus in state tax law?
Tap to flip
Answer
A sufficient connection to a state to be subject to tax.
Tap to flip back