Lana Owns 50 Shares of Stock Qualifying as Section 1244

question 22

True/False

Lana owns 50 shares of stock qualifying as Section 1244 stock. If she sells the stock to George, he can also treat the stock as Section 1244 stock.

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Definitions:

RAM

Random Access Memory, a type of computer memory that is used to store data temporarily, making it faster to access than disk memory.

ROM

Read-Only Memory, a type of non-volatile storage medium that is used primarily in computers and electronic devices to store firmware or software that is rarely changed.

Primary Storage

The main storage area in a computer system, typically RAM, where the operating system, application programs, and data in current use are kept so they can be quickly reached by the computer's processor.

Secondary Storage

A type of computer storage separate from the main memory, used for keeping data and programs permanently, often referred to as external or auxiliary storage.