(T orF) The holding period describes the length of time that an asset is held. If the holding period is less than 12 months, a taxpayer cannot get a preferential capital gain tax rate T or F) A limited partnership can be taxed as a corporation if elected under the check the box rules. (T or F) A corporation is subject to double tax, so every type of investor must pay two levels of tax (both corporate tax and tax on dividends) when a corporation is used for real estate investment transactions. (T orF) A REIT is taxable as a corporation that gets the benefit of a deduction for dividends paid. (Tor F) A net passive loss that is limited on an individual's income tax return in one year can be carried forward and deducted in future tax years. (Tor F) A real estate professional who incurs losses on rental real estate activities where (s)he materially participates may deduct those losses against wages and other sources of active income. T or F) The same real estate asset may produce ordinary income in the hands of one taxpayer but produce capital gains in the hands of a different taxpayer with a different intent (T or F) The portfolio interest exception is a rule that allows non-U.S. persons to invest in certain U.S.-issued debt obligations without causing the interest income on such debt obligations to be subject to FDAP or any other U.S. tax. (T orF) Assuming that it is not pension-held, a tax exempt investor will never have UBTI orn dividend income from a REIT T or F ) An entity would not lose its REIT status because a single pension fund owns 99% and the remaining 1% is owned by 125 preferred shareholders