1. State Laws determine whether an entity is a C(Regular) Corporation for Federal Income Tax purposes? A) True B) False 2. For Corporations, the "Carryforward"_period for capital Losses is three (3) years but is unlimited for individuals? A) True B) False 3. For Federal Income Tax purposes, all Regular Corporations (C Corporations) must use the Cash Method of Accounting? A) True B) False 4. A Personal Service Corporation (PSC) can use a Fiscal Year for Federal Income Tax Purposes A) True B) False 5. For Section 351 Transfer Purposes, the definition of property does not include intangible property such as Accounts receivable (Unrealized) receivables A) True B) False 6. For section 351 purposes, the definition of property includes services Rendered A) True B) False 7. For federal Income Tax purposes, Estates are never tax paying entities A) True B) False 8. A personal Service Corporation (PSC) cannot use a fiscal year for federal income tax purpose A) True B) False 9. A corporation may recognize gain, but "not" loss if distributes property to a shareholder A) True B) False