Indicate whether each of the following statements about a liquidation is true or false. If the statement is? false, explain why.

a.	Liabilities assumed by a shareholder when a corporation liquidates reduce the amount realized by the shareholder on the surrender of his or her stock.
b.	The loss recognized by a shareholder on a liquidation generally is characterized as an ordinary loss.? (Assume the corporation is not a small business or insolvent subsidiary? corporation.)
c.	A? shareholder's basis for property received in a liquidation is the same as the? property's basis in the liquidating? corporation's hands.
d.	The holding period for property received in a liquidation includes the period of time it is held by the liquidating corporation.
e.	The tax attributes of a liquidating corporation are assumed ratably by its shareholders.
f.	A parent corporation can elect to recognize gain or loss when it liquidates a controlled subsidiary corporation.
g.	A liquidating subsidiary recognizes no gain or loss when it distributes its property to its parent corporation.
h.	A parent? corporation's basis for the assets received in a liquidation where gain is not recognized remains the same as it was to the liquidating subsidiary corporation.

Select T or F and Choose an explanation:

I.	It generally is a capital loss.
II.	It generally is an ordinary loss.
III.	It generally is the? property's FMV.
IV.	It generally starts on the day of liquidation.
V.	It generally starts on the day following the liquidation date.
VI.	The attributes generally disappear.
VII.	Nonrecognition of gain or loss is mandatory if the Sec. 332 and 337 requirements are met.
VIII.	Nonrecognition of gain or loss is mandatory if the Sec. 332 and 337 requirements are not met.