Identify Which of the Following Statements Is True

Identify which of the following statements is true.

A) Property contributions to a corporation by nonshareholders will result in income recognition by the corporation if the contributed property is subsequently sold.
B) Section 1244 ordinary loss treatment is available to any shareholder.
C) A taxpayer must make a special election to take advantage of Sec.1244.
D) All of the above are false.

Correct Answer:

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