Identify which of the following statements is true.

Question 10 options:

a. All of the above are false.

b. The basis for non-money property received by a non-corporate shareholder as part of a liquidating distribution is the same as its basis on the books of the liquidating corporation.

c. In general, a non-corporate shareholder that receives a distribution in complete liquidation of the liquidating corporation recognizes his or her entire realized gain as a capital gain.

d. The liquidating corporation does not recognize gains and losses when making a distribution of non-money property.