QUESTION 1 Regular (0) Corporations and their shareholders are subject to Double Taxation whereas Corporations and their shareholders typically are subject to Single Taxation. False True QUESTION 2 Deborah transfers Land with an Adjusted Basis of $42,000 and a Fair Market Value of $60,000 to the Norman Partnership for a forty percent (40%) ownership interest. The Land is encumbered by a mortgage of $12,000 which the Norman Partnership assumes. Deborah's initial basis in her Partnership Interest is $30,000 True False