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QUESTION 4 Fvelyn contributes Land to Blanton Corporation in exchange for all of ns stock....

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QUESTION 4 Fvelyn contributes Land to Blanton Corporation in exchange for all of ns stock. Evelyn's Adyusted Basis for the Land is 350 , 000 and the Far Market Vaye it the under Section 351 of the internat Revenue Code. Blanton Corporation's Adjusted Basis for the Land is $60.000. Thie Fatse QUESTION 5 Mandatory Allocations for the partners in a Partnership are the Buit-in-Gain and Built-in-Loss (Section 704( ) of the internal Revenue Code) for the ditheter erween the Adjusted Basis and Fair Market Value of contributed property. False True QUESTION 4 Fvelyn contributes Land to Blanton Corporation in exchange for all of ns stock. Evelyn's Adyusted Basis for the Land is 350 , 000 and the Far Market Vaye it the under Section 351 of the internat Revenue Code. Blanton Corporation's Adjusted Basis for the Land is $60.000. Thie Fatse QUESTION 5 Mandatory Allocations for the partners in a Partnership are the Buit-in-Gain and Built-in-Loss (Section 704( ) of the internal Revenue Code) for the ditheter erween the Adjusted Basis and Fair Market Value of contributed property. False True

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