Taxation and Business Law

For each question , unless the question expressly provides to the contrary, you should assume that:

all events occurred in the current taxable year;
all persons are United States citizens;
there is no tax avoidance purpose for any transaction, and that with respect to any mortgage on any property, there was a bona fide business purpose for incurring or assuming the debt;
whenever a party receives encumbered property, the party assumed the mortgage, even if not specifically stated;
there is no special election made unless the facts specifically state that there is an election made and in effect;
in all cases, that there is only one class of stock issued and outstanding in any corporation, and that class is common voting stock;
with respect to each partnership question, the partnership has no hot assets, has no debts or other liabilities, and does not have a Section 754 election in effect;
with respect to each partnership question, each partnership is a general partnership; and
with respect to each partnership question, there are no special allocation provisions contained in any partnership agreement.
Choose the letter for the choice that best answers the question or completes the sentence.

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