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Sentence Correction: Parts of Speech - Possession

Is the following sentence TRUE or FALSE?

If a noun is abstract, we can use 's after it to express possession.

Correct.

Using 's to express possession is only allowed with concrete nouns. In the case of an abstract noun, the correct way to express possession is by using of.

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Using 's to express possession is only allowed with concrete nouns. In the case of an abstract noun, the correct way to express possession is by using of.

[[snippet]]

Incorrect.

Using 's to express possession is only allowed with concrete nouns. In the case of an abstract noun, the correct way to express possession is by using of.