Answer the following questions: 1. True or False. Purchasing the stock of a corporation that owns assets (e.g., buildings, intellectual property, ovens) means that you will have a "basis step up" after purchasing the stock of the corporation. True . . False 2. True or false. The current tax rate for corporations is a progressive tax rate. . True False . 3. If Corporation A has $20,000 in shareholder equity on the balance sheet, and the company has borrowed $200,000, what is the debt to equity ratio of Corporation A? 5:1 (debt to equity) . 15:1 (debt to equity) . 300:1 (debt to equity) . 100:1 (debt to equity) D. 10:1 (debt to equity)