Identify which of the following statements is true.
A) The target corporation's tax attributes are lost in a Type B reorganization.
B) A Type B reorganization can be accomplished without formal shareholder approval.
C) Ann, Dewey Corporation's sole shareholder, exchanges her Dewey stock having a $400,000 FMV and a $175,000 adjusted basis for $350,000 of Heider Corporation stock and $50,000 cash. Ann realizes a $225,000 gain on the stock transfer, none of which is recognized.
D) All of the above are false.
Correct Answer:
Verified
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