Techcom Inc (TCRI)

[falon]

Assets are definitely coming into the shell:

What Phoenix assets are coming to TCRI:

Based on Munaf Ali making the announcement at the WORLD DIGITAL MINING SUMMIT 2021 it is more than likely to be crypto related.

The question now is what and how many assets?


Well that is a vey good question.

UAE-based Phoenix Technology Consultants is a very successful and profitable organization so whatever assets are coming they will be very successful and profitable and straight from the horse's mouth (Munaf Ali):

We acquired a US listing entity for the purpose of listing some of the Phoenix Group income generating assets on the US stock market. Expect to share more information in early 2022.

That leave us with the final straw of How Many Assets?


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You are correct the assets have to be paid for:


Under Internal Revenue Code §351, no gain or loss is recognized if one or more persons transfer property to a corporation solely in exchange for the stock in the corporation and immediately after the exchange such person or persons are in control of the corporation. The basic requirement for this tax-free exchange is that the transferor or transferors must be in control immediately after the exchange. Control, for this purpose, means the transferor or transferors must have ownership of stock possessing at least 80 percent of the total stock of the corporation. The gain or loss is not recognized when in exchange for the transferred property, the transferor receives the corporation's stock or securities.

Munaf Ali owns 84.7% of TCRI.
https://ch.marketscreener.com/boersen-barone/Munaf-Ali-0H77Y3-E/biography/


A transferor could transfer appreciated property into a corporation without recognizing a gain. For purposes of Internal Revenue Code §351, when a transferor receives securities, such securities will be treated as "boot" in all cases. Boot is other property or money the transferor receives in addition to the stock.

Permitting a nontaxable transfer to a controlled corporation will postpone the recognition of gain or loss until the stock received in the transfer is ultimately disposed of by the transferor. This is accomplished by attributing to the stock the same basis as that of the property originally transferred in exchange. More importantly, the property transferred will retain its basis in the hands of the corporation.

The first step in the transfer process is to form the corporation and the offer by the transferor of the property to the corporation. The courts have held and the Internal Revenue Service has ruled that money qualifies as property in addition to goodwill, patents, and other intangible assets constitute property for this purpose, except services.

The second step would be that the corporation's shareholders and the board of directors must accept the offer, and the board of directors must authorize the issuance of the stock upon delivery of the appropriate instruments of conveyance.

The final step is the execution and delivery of the instruments of conveyance and property. The importance of formal instruments of transfer, even in the case of a small corporation, cannot be overemphasized. Such instruments are not only a prerequisite to completing the transaction, but can record effectively the price and terms of the transaction.


UAE-based Phoenix Technology Consultants is a very successful and know ow to generate value and will figure out what needs to be done, how to do it and will get it done.

Munaf Ali told the Phoenix story at the WORLD DIGITAL MINING SUMMIT 2021:

Munaf Ali is at 2:52:00 telling the Phoenix Story.

Footprint: UAE, Turkey, Russia, Canada and the USA

Currently owning and managing 450MW across various locations

Over 500 Million under management in 60 different investments

Focus on blockchain and crypto startups

Acquired a US listing entity for the purpose of listing some of the Phoenix Group income generating assets on the US stock market. Expect to share more information in early 2022.

USA mining farm will be live December 2021.