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1. Who can issue IRC 1244 stock?

A.Domestic small business corporations

B. All C corporations

C. Any entity with less than 100 owners.

D. Any corporation that makes the election.

2. Which represents the transfer of a liability?

A. A building that has deferred maintenance

B. A building that has an outstanding mortgage

C. Cash-basis taxpayer's accounts payable

D. An automobile that is not inspected

3. Which is true of the receipt of boot in a transfer under IRC 351?

A. Boot may cause a partially taxable event.

B. Boot is treated no differently from stock received.

C. Boot can be specifically allocated to one asset.

D. Boot is something you wear on your feet.

4. Which is true of the provisions of IRC 351?

A. It allows for ordinary loss treatment.

B. It applies to transfers of property for stock and debt instruments.

C. It encourages corporate formation.

D. Taxpayers must make an election to qualify under IRC 351.

5. Which of the following is a characteristic of a C corporation?

A. Single-level taxation

B. Disregarded as separate from its owners

C. Pass-through taxation to shareholders

D. Limited liability