An S corporation is generally restricted to the calendar year end to mitigate tax deferral.True or False

Unlike partnerships, an S corporation shareholders basis is static and is not subject to periodic adjustments. True or False

Juke, an S Corporation, distributes a parcel of land to Shannon, one of its shareholders. The land has a basis of $10,000 and a fair market value of $20,000. This distribution will cause Shannon to recognize a share of the deemed gain.

True or False