A corporate shareholder of a corporation that is completely liquidated will always defer gains realized on the liquidation.

True or False

Gain realized in a sales transaction is defined as the excess of the amount realized over the adjusted basis of the property that is sold. True or False

Nan realizes a $2,000 loss in a section 351 exchange but receives $500 of boot in the exchange. Nan can recognize $500 of the loss realized as a result of receiving the boot. True or False

Stock received in exchange for services provided to the corporation in the formation of the corporation can never be counted in determining if the control test is met for 351 purposes. True or False

To receive tax deferral in a 351 transaction, an individual shareholder must own 80 percent or more of the corporation after the transaction. True or False