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Video of Section 351 transaction with Section 357 liabilities (U.S. Corporate Tax) in Tax Accounting course by Edspira channel, video No. 12 free certified online
This video discusses how to account for a Section 351 transaction when the transferor transfers liabilities to the corporation. The general rule is that liabilities assumed by the corporation are not considered boot for purposes of determining whether there is a recognized gain. However, there are two exceptions to this. First, if the liabilities transferred to the corporation exceed the total adjusted basis of all properties transferred to the corporation, then the excess of liabilities over the adjusted basis is a recognized gain per Section 357(c) of the tax code. Second, if the IRS determines that the liabilities were not incurred for a bona fide business purpose, the transferred liabilities will result in a recognized gain.—
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