In a complete liquidation a shareholder receiving multiple distributions will recognize loss when:

A $$ He receives a distribution greater than his stock basis.

B $$ He receives the first distribution and allocates the loss.

C $$ He recelves the last distribution.

D $$ He receives the first distribution.

$6.$ In a complete liquidation where the transaction is kept "open due to uncertainties", when the transaction closes:

A $$ The total gain or loss will be the same as if the transaction has closed originally and the character of the gain or loss will always be the same.

B $$ The total gain or loss will be the same as if the transaction has closed originally and the character of the gain or loss will never be the same

C $$ The total gain or loss will be the same as if the transaction has closed originally and the character of the gain or loss maybe the same

D $$ The total gain or loss may be different but the character of the gain or loss will always be the same.

$7.$ In a complete liquidation where a shareholder assumes debt as part of the liquidating

$1$ distribution: $q,$

He will increase his recognized gain by the amount of the debt.

B $$ He will decrease his recognized gain by the amount of the debt.

$$ He will increase his basis in the property by the amount of the debt.

D $$ He will decrease his basis in the property by the amount of the debt.Z