Identify which of the following statements is true.
A) Section 351 provides for nonrecognition of gain for the transferee corporation when it distributes appreciated land that is boot property to a shareholder.
B) A corporation must recognize a loss when transferring noncash boot property that has declined in value and its stock to a transferor as part of a Sec. 351 exchange.
C) The transferee corporation's holding period for assets acquired in an exchange meeting the Sec. 351 requirements includes the transferor's holding period for the property.
D) All of the above are false.
C) The transferee corporation's holding period for assets acquired in an exchange meeting the Sec. 351 requirements includes the transferor's holding period for the property.
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Barton Resort incurred the following costs to acquire and prepare land during 2015 for a new parking lot: purchase price for land, $800,000; cost to clear the land, $30,000; cost of paving, $40,000; and lighting for the parking lot, $20,000 . How much should Barton record in the Land Improvements account?
a. $30,000 b. $40,000 c. $60,000 d. $90,000
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Which of the following characteristics or qualifications should not be listed on a résumé?
A) religion B) fluency in a second language C) any special awards or recognition related to the job you want D) involvement in extracurricular activities