Identify Which of the Following Statements Is False

Identify which of the following statements is false.

A) A Sec. 338 election usually triggers taxation to the target corporation.
B) A Sec. 338 election must be made not later than the fifteenth day of the ninth month following the first stock acquisition in a series of acquisitions that leads to 80% or more stock ownership.
C) In a Sec. 338 deemed sale election, the shareholders of the target corporation sell their stock to the acquiring corporation.
D) When a Sec. 338 election is made, the target corporation is treated as having sold all of its assets at their FMV at the close of the acquisition date.