Identify Which of the Following Statements Is False

Identify which of the following statements is false.

A) The parent corporation takes a basis in property received when liquidating a subsidiary corporation in a Sec. 332 liquidation equal to its basis to the subsidiary corporation.
B) Property received by a minority shareholder takes a basis equal to its fair market value.
C) Section 332 is applicable to both the parent corporation and the minority shareholders if they exist.
D) Minority shareholders involved in a Sec. 332 subsidiary liquidation must recognize a gain or loss under the Sec. 331 general liquidation rules.