Which of the Following Statements About Special Purpose Entities (SPEs)

Which of the following statements about Special Purpose Entities (SPEs) is not true?

A) SPEs can take on various legal forms, like corporations or partnerships.
B) It can be difficult to determine who actually controls an SPE.
C) Management can structure a transaction using an SPE in such a manner that the accounting treatment fails to reflect the economic substance of the transaction.
D) SPEs have been used to mislead investors.