1. Services are considered property for purposes of Code Sec. 351. T or F

2. A loss in control shortly after transfer could cause a transaction to fail to qualify under Code Sec. 351. T or F

3. Shareholders will recognize gain on a capital contribution merely because they are minority shareholders. T or F

4. All liabilities transferred in a Code Sec. 351 exchange are treated as boot for purposes of gain recognition. T or F

5. Liabilities that would give rise to a deduction when paid are excluded when determining the amounts of liabilities assumed by a corporation. T or F

6. If property with a built-in loss is transferred to a corporation in a Code Sec. 351 transaction, then the corporation's basis in such property is limited to the property's fair market value. T or F

7. The corporation's holding period for a property received in a Code Sec. 351 transaction includes the holding period of the shareholder. T or F

8. The receipt of boot in a Code Sec. 351 transfer precludes any nonrecognition treatment. T or F

9. When a local government contributes property without a pre-approved plan to a corporation as an inducement, the fair market value of the property is included in gross income of the corporation. T or F

10. An advantage of a corporation issuing debt is that interest payments are ordinary income to the debt holder. T or F