16. The transferor's holding period for any stock received in exchange for a capital asset

under a tax free Sect.351(a) exchange

A) begins on the day after the exchange.

B) includes the holding period for the property transferred.

C) begins on the day of the exchange.

D) none of the above

21. Rhiana transfers land with a basis of $40,000 to Styx Corporation in exchange for 100% of Styx's stock. At the date of the transfer, the land had a $30,000 fair market value. Absent an election by Rhiana, Styx's basis in the land is

A) $30,000.

B) $35,000.

C) $40,000.

D) $70,000.

26. Identify which of the following statements is true. ???

A) A corporate capital loss can be carried back three years, and then can be carried forward five years.

B) Corporate capital loss carrybacks can offset corporate ordinary income earned in previous years.

C) At the election of a corporation, a net capital loss carryback can be forgone and carried forward only.

D) All of the above are false.