Identify Which of the Following Statements Is False

Identify which of the following statements is false.

A) An acquiring corporation in a taxable acquisition transaction must acquire all of the assets and liabilities of the target corporation.
B) An acquiring corporation in a tax- free or a taxable acquisition transaction does not recognize gain or loss when its stock is issued in exchange for property.
C) A taxable acquisition of the assets of a target corporation that is subsequently liquidated, results in a loss of the target corporation's tax attributes.
D) A taxable acquisition of the assets of a target corporation, that is subsequently liquidated, results in the target corporation's shareholders recognizing gain or loss on the surrender of their target stock.