Answer the following statements true (T) or false (F)
1. There are no tax consequences of a partnership converting to a C corporation.
2. Section 351 applies to an exchange if the contributing shareholders own more than 50% of a corporation's stock after the transfer.
3. The transferor's basis for any noncash boot property received in a Sec. 351 transaction is the boot's FMV reduced by any unrecognized gain.
4. 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.
1. FALSE
2. FALSE
3. FALSE
4. FALSE
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The quick ratio is determined by subtracting current liabilities from quick assets
a. True b. False Indicate whether the statement is true or false
The three goals of sustainable development that include economic, environmental, and ethical sustainability are referred to as the:
A. three pillars of sustainability. B. three-pronged charter. C. shoulders of sustainability. D. tripartite goals.
Open and notorious possession requires the adverse possessor to give actual notice of possession to the title holder
Indicate whether the statement is true or false
Benzene is a colorless, aromatic liquid used in manufacturing a variety of products including motor fuels, solvents, detergents, pesticides, and other organic materials. Benzene is a toxic substance and rapid inhalation can be fatal. Exposure has also
been shown to lead to various types of nonmalignant diseases such as blood disorders (including leukemia). ? OSHA passed a regulation limiting maximum benzene exposure for employees. OSHA set a 1 ppm maximum, even though the medical evidence only discussed exposures at 10 ppm and more. The petroleum industry wishes to challenge the regulation. Can they do so? On what basis?