True or False 1. If a corporation gives a non-cash property distribution (for example, a car) to
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True or False
1. If a corporation gives a non-cash property distribution (for example, a car) to a shareholder, the amount of the distribution is based on the tax basis of the car to the corporation right before the shareholder.
2. A corporation never reports any gain or loss on any non-cash assets distributed to shareholders in an operating (non-liquidating) distribution.
3. When computing E&P, taxable income is not adjusted for section 179 expenses.
4. When computing current E&P, taxable income must be adjusted for the deferred gain in a section 1031 like-kind exchange.
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