It is possible for a liquidating corporation (in a complete liquidation) to recognized a loss on the distribution of disqualified property.

True

False

In a section 332 (parent subsidiary liquidation) transaction, the subsidiary corporation may have a recognized gain but not recognized gain but not recognized loss when the subsidiary corporation is partially owned by a minority shareholder.

True

False

At the time of her death in 2019, Gloria owned nineteen percent (19%) of the stock in Jean corporation and eighteen percent (18%) of the stock in Jean corporation and eighteen percent (18%) of the stock in June corporation. For purposes of satisfying the More than Thirty-Five percent (35%) test requirement of section 303 in the internal revenue code, the value of these stocks may be combined.

True

False