Identify Which of the Following Statements Is True

question 41

Multiple Choice

Identify which of the following statements is true.

• A)Property contributions to a corporation by nonshareholders will result in income recognition by the corporation if the contributed property is subsequently sold.
• B)Section 1244 ordinary loss treatment is available to any shareholder.
• C)A taxpayer must make a special election to take advantage of Sec.1244.
• D)All of the above are false.