Formal Ruling 2012-07

Law Reference: 32 VSA 10003,10005 B, C,and D,
32 VSA 10004 (A),
IRC 1223,
IRC 723,
Treas Reg 1.723-1,
IRC 704C (1),(B),731,(a) and 737,
IRC 735 (B) 1223,
32 VSA 10005,
Reg.1.10005C (3),
11 VSA 3022 (a),
11 VSA 3021,3031,
Reg.1.10006-2,
32 VSA 10004 (B),
134 VT 122 (1976).