Identify Which of the Following Statements Is True

Identify which of the following statements is true.

A) In tax- free reorganizations, one transaction cannot qualify for more than one type of tax- free reorganization.
B) The target corporation in a tax- free reorganization generally recognizes no gain or loss when boot property is received in exchange for assets because such property is usually distributed to its shareholders and creditors when the target corporation is liquidated.
C) The Sec. 1245 recapture rules override the nonrecognition of gain or loss rules for an asset- for- stock tax- free reorganization.
D) All of the above are false.