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Mandatory Disclosure FORM 35.1 - Reference to 16.2(e)(2) These are not to be filed with the court, except as may be ordered pursuant to C.R.C.P. 16.2 Mandatory Disclosures. (Complete and accurate.

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How to fill out the Form 351 online

This guide provides a clear, step-by-step approach to completing Form 351 online. Designed to assist individuals with varying levels of experience, it will ensure you understand each section and fill it out accurately.

Follow the steps to complete Form 351 online:

  1. Press the ‘Get Form’ button to obtain the form and open it in your editor.
  2. Begin with the financial statement section. You will need to provide a complete and signed sworn financial statement along with any applicable supplemental schedules.
  3. Next, gather your income tax returns for the most recent three years. Ensure you include personal and business federal returns, along with all schedules and attachments, such as W-2’s, 1099’s, and K-1’s.
  4. Compile your personal financial statements from the last three years. This should include any statements of assets or liabilities and any credit or loan applications submitted.
  5. If you have a business, include the financial statements for the last three fiscal years, as well as year-to-date statements and any relevant prior year statements.
  6. Provide documentation related to real estate interests, including title documents and statements of value for all properties.
  7. Collect and submit all documents detailing personal debt, including current statements showing balances and payment terms.
  8. Identify your investments by submitting the most recent documents that state current values.
  9. List your employment benefits, providing the latest documentation that indicates their current value.
  10. Document your retirement plans, including the most recent papers that state their current values and plan summary descriptions.
  11. Provide recent documents that identify all bank and financial institution accounts, including their current values.
  12. For income documentation, compile pay stubs, a current income statement, and last year's final income statement for all sources of income.
  13. Include documents outlining average monthly employment-related child care expenses, particularly those related to education and job searching.
  14. Submit insurance documentation showing life, health, and property insurance policies, along with current beneficiaries, coverage details, costs, and payment schedules.
  15. Lastly, provide documents showing average monthly extraordinary children’s expenses.
  16. After completing each section, review your entries for accuracy. Once you are satisfied, you may save your changes, download, print, or share the form as needed.

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Example (1). Individuals A and B, father and son, organize a corporation with 100 shares of common stock to which A transfers property worth $8,000 in exchange for 20 shares of stock, and B transfers property worth $2,000 in exchange for 80 shares of stock. No gain or loss will be recognized under section 351.

See Multiple Transferors in a Section 351 Transfer. Control means ownership of at least 80 percent of all classes of the corporation's stock and at least 80 percent of the total voting power of all classes of stock. See Meeting the 80-Percent Control Test for Section 351 Transfers.

A Section 351 transfer occurs when: one or more persons transfer property to a corporation, solely in exchange for the corporation's stock, and. immediately after the exchange, the transferor, or the transferors as a group, control the corporation.

A transaction involving Section 351 of the Internal Revenue Code is a straightforward means for an individual to transfer property to a corporation in exchange for stock without recognizing a gain or loss.

Section 351(a) provides that no gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange such person or persons are in control (as defined in § 368(c)) of the corporation.

Through a Section 351 exchange, the entity that transferred the appreciated property in exchange for stock may defer taxes on the gain or loss of the otherwise-taxable event until they sell the shares of stock.

See Multiple Transferors in a Section 351 Transfer. Control means ownership of at least 80 percent of all classes of the corporation's stock and at least 80 percent of the total voting power of all classes of stock. See Meeting the 80-Percent Control Test for Section 351 Transfers.

A transaction involving Section 351 of the Internal Revenue Code is a straightforward means for an individual to transfer property to a corporation in exchange for stock without recognizing a gain or loss. The transfer of property must be made in exchange for stock in the corporation.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232