1. Which, if any, of the following statements is not accurate?

a. Every Code section has a treasury regulation.

b. The current Code is the 1986 Code, as amended.

c. Code sections inserted between consecutive existing section numbers are indicated by adding a capital letter to the Section number (for example Section 2032A).

d. None of the statements is accurate.

2.Subtitle B of the Internal Revenue Code deals with what type of taxes and includes what section of the Internal Revenue Code?

a. Subtitle B deals with estate and gift taxes and includes Code Section 1015.

b. Subtitle B deals with business taxes and includes Code Section 351.

c. Subtitle B deals with estate and gift taxes and includes Code Section 2040.

d.Subtitle B deals with tax procedure, and includes Code Section 2518.

3.Bob contributed to AlphaBeta Partnership, a general partnership, a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 that was subject to a mortgage of $120,000 in exchange for a 50 percent interest in the AlphaBeta Partnership. The AlphaBeta Partnership will assume the mortgage on the building. At the same time, Al contributed to AlphaBeta Partnership cash of $30,000 in exchange for the other 50 percent interest in the AlphaBeta Partnership. Which of the following Sections of the Code is relevant to the determination of whether or not Bob recognizes gain or loss on this transaction?

a. Only Code Section 722.

b. Only Code Sections 1 and 721(a).

c. Code Section 723 and Code Section 1001(a).

d. Code Section 1001(c) and Code Section 721(a).

4.Bob contributed to the AlphaBeta Partnership, a general partnership, a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 that was subject to a mortgage of $120,000 in exchange for a 50 percent interest in the AlphaBeta Partnership. The AlphaBeta Partnership will assume the mortgage on the building. At the same time, Al contributed to AlphaBeta Partnership cash of $30,000 in exchange for the other 50 percent interest in the AlphaBeta Partnership. In addition to the section or sections that are relevant under question 5, above, which of the following Code Sections is or are also relevant to the determination of whether or not Bob recognizes any gain or loss on this transaction?

a. Only Code Section 751(b).

b. Only Code Sections 751(b), 733, and 705(a).

c. Code Sections 751(b), 733, 705(a) and 731(a).

d.None of the above.

5. Bob contributed to the AlphaBeta Partnership, a general partnership, a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 that was subject to a mortgage of $120,000 in exchange for a 50 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building. At the same time, Al contributed to AlphaBeta Partnership cash of $30,000 in exchange for the other 50 percent interest in the AlphaBeta Partnership. Which of the following Code Sections is or are relevant to the determination of Bob's basis in his partnership interest upon completion of this transaction?

a. Only Code Section 722.

b. Only Code Section 1012(a).

c.Only Code Sections 1012(a) and 722.

d.Code Sections 1012(a), 722, and 705(a).

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