With Respect to a Redemption That Is a Partial Liquidation,which

With respect to a redemption that is a partial liquidation,which of the following statements is true?

A) Proceeds from the sale of marketable securities (held for investment) distributed to shareholders in exchange for part of their stock will pass the "not essentially equivalent to a dividend" test.
B) A stock redemption pursuant to a partial liquidation cannot be pro rata with respect to the shareholders.
C) The complete termination of an active business test requires that the distributing corporation actively conducted two or more trades or businesses for at least seven years.
D) The genuine contraction of business requirement is a subjective test that taxpayers cannot rely upon with certainty.
E) None of the above.