When comparing liquidating distributions of different entities, which of the following statements is incorrect?

a.

If a partner receives cash in excess of the partner's adjusted basis, then gain is recognized on the excess.

b.

A C corporation will recognize a gain or loss when the corporation is liquidated.

c.

An S corporation will not recognize a gainor loss when the corporation is liquidated.

d.

In a partnership, if no cash equivalents are distributed,no gain is recognized.