Please answer T/F and give explanation.

Documenti - Word GE LAYOUT REFERENCES MAUNGS REVIEW VIEW A corporation wishes to make the s-corporation election effective from inception of the business The corporation is incorporated on June 3, 2019, issues stock to its shareholders on July 20, 2019 and begins doing business on September 7, 2019. To be effective since inception, the corporation must make the s-corporation election by October 5, 2019. The assumption of a mortgage by a corporation in a $351 exchange causes a shareholder's stock basis to decrease, while any gain recognized due to the receipt of boot makes a shareholder's stock basis increase. (Ctrl- acer N PAGE LAYOUT REFERENCES MAILINGS REVEW Document1 - Word VIEW Please answer T/F and give explanation 1. A corporation wishes to make the s-corporation election effective from inception of the business. The corporation is incorporated on June 3, 2019, issues stock to its shareholders on July 20, 2019 and begins doing business on September 7, 2019. To be effective since inception, the corporation must make the s-corporation election by October 5, 2019 acer Documenti - Word GE LAYOUT REFERENCES MAUNGS REVIEW VIEW A corporation wishes to make the s-corporation election effective from inception of the business The corporation is incorporated on June 3, 2019, issues stock to its shareholders on July 20, 2019 and begins doing business on September 7, 2019. To be effective since inception, the corporation must make the s-corporation election by October 5, 2019. The assumption of a mortgage by a corporation in a $351 exchange causes a shareholder's stock basis to decrease, while any gain recognized due to the receipt of boot makes a shareholder's stock basis increase. (Ctrl- acer N PAGE LAYOUT REFERENCES MAILINGS REVEW Document1 - Word VIEW Please answer T/F and give explanation 1. A corporation wishes to make the s-corporation election effective from inception of the business. The corporation is incorporated on June 3, 2019, issues stock to its shareholders on July 20, 2019 and begins doing business on September 7, 2019. To be effective since inception, the corporation must make the s-corporation election by October 5, 2019 acer