True or False question

1.For purposes of determining a year-end for the partnership, aprincipal partneris defined as one who owns50 percent or more of the partnership.

2.The partnership's holding period for all assets contributed to the partnership by a partner begins with the datethe assets are contributed.

3.An executor may elect the alternate valuation date for some of the assets included in the gross estate and the date of death value for the rest of the assets.

4.Although an S corporation is taxed much like a partnership, it is subject to some of the C corporation rules.

5.A gift transfer of municipal bonds, the income from which is not subject to income tax, may be subject to theFederal gift tax.