Identify Which of the Following Statements Is True

Identify which of the following statements is true.

A) Only transfers to newly created corporations qualify for Sec. 351 treatment.
B) If a shareholder receives stock with an FMV greater than the FMV of the property exchanged in a Sec. 351 transaction, the excess FMV may be considered a gift from one shareholder to another shareholder.
C) To qualify for Sec. 351 treatment, control is defined as more than 50% ownership of the voting stock, and more than 50% of all other classes of stock.
D) All of the above are false.