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If the election is not listed in the IRC Elections (under forms) you can attach your ow election to the tax return. Either (a) type up the election and attach it to the return as a .pdf file or (b) under Forms go to Additional Information and write up your election there. No clue if there is a preferred way but both have worked for me.
Section 351 is not elective.
For 351 you are correct. Good pickup.
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