True or False:

1. In a Code Sec. 351 transfer, the only instance when a property contribution can trigger a gain is when liabilities associated with such property exceed the aggregate basis of the property transferred.
2. For purposes of Code Sec. 351 control is defined as greater than 50%
3. If a contributing taxpayer receives boot, depreciation claimed on a given asset will not be recaptured upon a Code Sec. 351 transfer.
4. Stock issued by a corporation qualifies under Code Sec. 1244 as long as the property received by the corporation is less than $10,000,000.
5. Most corporations with gross receipts over $27 million must use the accrual method of accounting.
6. An individual must hold Code Sec. 1202 stock for just over one year to be able to exclude the gain on the sale of the stock.
7. Corporations can own Code Sec. 1202 stock in a subsidiary and therefore be eligible to exclude gain on the sale of the subsidiarys stock.