True or False:

7. A partner recognizes a loss when she receives cash and other property with inside bases greater than her outside basis in a liquidating distribution.

8. In the sale of a partnership interest, a selling partner will recognize ordinary income (rather than capital gain) when the partnership assets include cash and land held for five years as an investment.

9. C corporations that elect S corporation status and use the FIFO inventory method are subject to the FIFO recapture tax.

10. After terminating or voluntarily revoking S corporation status, a corporation may elect it again, but it generally must wait until the beginning of the third tax year after the tax year in which it terminated the election.