Jersey Corporation purchased 50% of Target Corporation's single class of stock on June 1 of this year. They purchased an additional 40% on November 20 of this year. The Sec. 338 election must be made on or before
A) August 15 of next year.
B) June 30 of next year.
C) June 30 of this year.
D) November 30 of this year.
Correct Answer:
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