15. Two individuals, A and B, and C Corporation with a tax year end of June 30, form Partnership P on November 1, 2019. A and B are each 20% partners, and C is a 60% partner. Beginning of November 1, 2019, P earns $10,000 per month. A will report $4,000 of income on A's 2019 income tax return as a result of A's interest in the Partnership. a. True b. False 16. X Corporation redeemed 10 shares of X stock from individual shareholder A in exchange for $5,000, in a transaction that qualified as a Qualified Redemption. A's adjusted basis in the 10 shares is $3,000 ($300 per share). X' had $1,000 of E&P. A will recognize $1,000 of capital gain and a $1,000 dividend. a. True b. False 17. John owns 90% of X Corp. and his friend Bob owns 10% of X Corp. X liquidates, pursuant to a plan of liquidation. John will inherit 90% of X' E&P. a. True b. False