Identify Which of the Following Statements Is True

question 51

Multiple Choice

Identify which of the following statements is true.

• A)With limited exceptions, a loss can be recognized by a liquidating corporation when it makes a liquidating distribution of property that has declined in value.
• B)When computing the corporate-level gain on a liquidating distribution, the FMV of the property cannot exceed the liability assumed or acquired by the shareholder.
• C)The FMV of property distributed by a liquidating corporation can be less than the amount of the liability assumed or acquired by the shareholder.
• D)All of the above are false.

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Definitions:

Marginal Benefit

The boost in pleasure or utility a person gets from purchasing one more unit of a product or service.

Output

The aggregate output of products or services generated by an enterprise, sector, or economic system over a defined time frame.

Positive Externality

A benefit obtained without compensation by third parties from the production or consumption of sellers or buyers. Example: A beekeeper benefits when a neighboring farmer plants clover. Also known as an external benefit or a spillover benefit.

Spillover Benefit

A positive effect experienced by bystanders or other parties not directly involved in the production or consumption of a good or service.