1 For Section 351 Transfer purposes, the definition of property does not include intangible property such as Accounts Receivables (Uned Receivable) FALSE OTRUE QUESTION 2 Cash is "not" considered Property for purposes of a Section 351 Transfer OTRUE FALSE QUESTION 3 Services are not considered property for purposes of a Section 351 Transfer O True False FALME TRUE QUESTIONS Land contributed to a corporation by a local government to induce the corporation to locate in the community is Taxable income for the Fair Market Value of the Land) to the corporation O FALSE TRUE QUESTION 6 Arleen Corporation has positive Current Earnings And Profits (E&P) of $50,000. It distributes Land worth (Fair Market Value) $4.000 (Adjusted Basis of $5,000) to Natalie, an individual shareholder. The Land is subject to a mortgage of $2.000 which Natalie assumes. Natalie has Taxable Income (Dividends) of $5,000. O $4,000. $2,000. O $3,000