The Main Difference to Shareholders Between a Tax-Free and a Taxable

The main difference to shareholders between a tax-free and a taxable acquisition is that

A) in a tax-free acquisition, the shares are only exchanged, while in a taxable transaction the shares are considered sold and realized capital gains or losses are taxed.
B) in a tax-free acquisition, a capital gain or loss is realized and then new shares are issued; in a taxable transaction, the assets are revalued, taxed on any capital gains or losses, and then shares are exchanged.
C) in a tax-free acquisition, the shareholders simply take the cash and depart, while in a taxable transaction the shareholders must stay with the new entity.
D) in a tax-free acquisition, the shares are only exchanged, while in a taxable transaction the shares are considered sold and realized capital gains or losses are taxed; and in a tax-free acquisition, the shareholders simply take the cash and depart, while in a taxable transaction the shareholders must stay with the new entity.