1.True/FalseThe partnership's beginning tax basis in property it receives from a partner in exchange for an interest in partnership capital is the contributing partner's adjusted basis in the property.

2. If shareholders in an S corp, a calendar year taxpayer, owning 60 percent of the S corporation stock consent on March 1, 2015 to revoke the S election and declare revocation effectivedate to be OCtober 1, 1015 then the S election is terminated on what date?

3. A owned 40 percent of X co. (as S corp) for 200 days during 2019. A owned 20% of X Co for the remaining 165 days in 2019. X co is a calendar year taxpayer and in 2019 it had 365,000 of capital gains. A's share of X co's capital gains for 2019 is how much?

4. Which of the following will prevent a corporation from qualifying under subchapter S?

a. common stock with different voting rights

b. 100 individual shareholders- 90 singles and 10 married couples

c. corporate shareholder

d. none of the above

e. more than one of the above