Identify Which of the Following Statements Is False

question 54

Multiple Choice

Identify which of the following statements is false.

• A)An individual taxpayer, who is assessed an additional payment of money based on stock ownership in a corporation whose stock is redeemed in a complete liquidation, may recognize a capital loss to the extent of the additional assessment.
• B)The open transaction doctrine defers the shareholder's gain or loss from a liquidation until the assets can be valued by sale or collection.
• C)The open transaction doctrine as applied to complete corporate liquidations refers to the numerous planning alternatives available when liquidating a corporation.
• D)The IRS asserts that the open transaction doctrine should be used only in extraordinary circumstances.

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Definitions:

Objective C

Objective C is a programming language used primarily for developing applications for Apple's iOS and macOS operating systems, combining elements of C and Smalltalk.

Fifth Generation Languages

Advanced computer programming languages, often based on solving problems using constraints rather than algorithms, characterized by their use of artificial intelligence.

Flowchart

A graphical representation of a process, showing the steps as boxes and their order by connecting them with arrows.

iOS Devices

Electronic gadgets such as iPhones and iPads that run on Apple's iOS mobile operating system.