TAXATION OF CORPORATIONS AND PARTNERSHIPS 1. A business cannot be taxed as a corporation unless it is incorporated under local law. True/False 2….

1. A business cannot be taxed as a corporation unless it is incorporated under local law.True/False2. When a corporation receives property from a shareholder its basis equals that of the shareholder, increased by any gain recognized by the shareholder.True/False3. Options to buy stock constitute stock for Code Sec. 351 purposes, but only if the stock so qualifies.True/False4. A sale of Code Sec. 1244 stock results in ordinary income if sold at a gain.True/False5. A corporation’s deduction for charitable contributions is limited to 50 percent of adjusted taxable income.True/False6. Organizational expenditures must be capitalized but may be amortized over 60 months or longer.True/False7. A brother-sister controlled group can fi le a consolidated return if all members of the group consent.True/False8. Sandra Sherman incorporates her apartment building. It has a basis of $50,000, a value of $150,000, is subject to a mortgage of $70,000 and has a depreciation recapture potential of $12,000. If Sandra receives stock worth $80,000, she will recognize:a. No gain.b. $30,000 of gain, $12,000 of which is ordinary.c. $12,000 of ordinary income.d. $20,000 of gain, $12,000 of which is ordinary.9. Algernon Amsley transferred the following to his controlled corporation in exchange for stock:Basis

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