1. An example of a book-tax timing difference is tax exempt income.

Group of answer choices

True

False

2. Under Section 351 of the Internal Revenue Code, any gain or loss realized on the transfer of property to a controlled corporation is tax-deferred (not currently recognized).

Group of answer choices

True

False

3. S corporations that are former C corporations may be subject to certain taxes at the S corporation level.

Group of answer choices

True

False