Which of the Following Is Not a Possible Outcome for a Shareholder

Which of the following is not a possible outcome for a shareholder who is a party to a corporate reorganization falling under § 368?

A) If boot is received, dividend treatment to the extent of the shareholder's proportionate share of corporate E & P.
B) If boot is received, amounts in excess of a shareholder's proportionate share of corporate E & P are capital gains.
C) Redemption treatment and therefore capital gain or loss if the requirements of § 302(b) are met.
D) No gain or loss is recognized when the shareholder does not receive boot in the transaction.
E) All of the above are possible outcomes.