A Type A reorganization deals with the transfer of assets by the target corporation in a merger.

True

False

$2$ points

Which of the following statements best describes current earnings and profits?

Current earnings and profits is another name for a corporation's retained earnings on its balance sheet.

Current earnings and profits is a precisely defined tax term in the Internal Revenue Code and represents a corporation's economic income.

Current earnings and profits is an ill$-$defined tax concept in the Internal Revenue Code and represents a corporation's economic income.

Current earnings and profits is a conceptual tax concept with no definition in the Internal Revenue Code.

$12$

$2$ points

A contributing partner's tax basis and holding period in contributed property carries over to a partnership.

True

alse