TRUE/FALSE. Write "T" if the statement is true and 'F' if the statement is false. 1) For corporations, NSTCLs and NLTCLs are treated as STCLs for purposes of the carryback and carryforward rules. 1) ) 2) If a corporation reports both a NLTCG and a NSTCG after netting all capital gains and losses, both the NLTCG and the NSTCG are subject to tax at rates applicable to ordinary income. 2) 3) Corporations that are members of a brother-sister affiliated group may file a consolidated return if the proper election is made. 3) 4) 4) Smith Corporation, a U.S.C corporation, owns 25% of Avanti Corporation, an Italian corporation that earns all of its income in Europe. Smith Corporation will not be allowed a deduction for dividends received from Avanti. 5) In a parent-subsidiary controlled group, the common parent corporation must own more than 50% of the stock of at least one subsidiary corporation. 5) 6) Members of a single family may be counted as one shareholder for S corporation purposes. 6) 7) 7) In a limited partnership, the limited partners are liable for partnership debts only to the extent of their investment in the partnership plus any amount they commit to contribute to the partnership if called upon. 8) A corporation has a minimum tax credit carryover remaining from 2017. It will be able to apply the MTC to offset up to 50% of its 2021 regular income tax liability. 8) 9) All costs of organizing a partnership can be deducted in the year in which the partnership begins business. 9) 10) 10) Peter transfers an office building into a new corporation in exchange for 100 percent of the stock. In addition, the corporation assumes the mortgage on the building. Peter will treat the debt relief as boot and have to recognize gain