Question 21(4 points)

Code Sec. 337 applies only to subsidiary corporations.

Question 21 options:

	a) True
	b) False

Question 22(4 points)

To receive a fair market value basis in the assets of a purchased subsidiary, the parent corporation must liquidate the subsidiary.

Question 22 options:

	a) True
	b) False

Question 23(4 points)

A Code Sec. 338 election is irrevocable.

Question 23 options:

	a) True
	b) False

Question 24(4 points)

A parent corporation can satisfy the 80 percent ownership requirement for a Code Sec. 332 liquidation by using constructive ownership rules.

Question 24 options:

	a) True
	b) False