True or False questions

Nancy is a 30% partner in the ABC Partnership with an outside basis of $20,000. ABC distributes land with a basis of $12,000 and fair value of $18,000 to Cathy in complete liquidation of her interest. Cathy recognizes a capital loss of $8,000 on the distribution

In a disproportionate liquidating distribution of cash, inventory and capital gain property, a partner will always recognize gain

ABC Corporation distributes land with a fair market value of $200,000 to its sole shareholder. ABC's tax basis in the land is $50,000. Assuming sufficient earnings and profits, the amount of dividend reported by the shareholder is $200,000

John owns 30 percent of ABC Corporation. ABC Corporation owns 50 percent of ABCD Corporation. Under the attribution rules applying to stock redemptions, John is treated as owning 15 percent of ABCD Corporation.