Section 368 of the Internal Revenue Code (IRC) provides definitions and special rules for corporate reorganizations that can be conducted on a tax-free basis, assuming certain conditions are met. This includes mergers, consolidations, acquisitions, divestitures, and other forms of corporate restructuring. Typically, these transactions would result in significant tax consequences, but Section 368 allows certain types of reorganizations to be conducted without immediate recognition of gain or loss. However, the section also imposes specific requirements on the structure and form of these transactions to qualify for this tax-free treatment. In essence, it allows corporations to adapt their structure to meet changing business needs without triggering a tax event.