North Corporation Acquires 90% of South's Assets by Exchanging $600,000

North Corporation acquires 90% of South's assets by exchanging $600,000 of its voting stock and assuming $300,000 of South's liabilities.South uses part of its remaining $100,000 in cash to satisfy its $40,000 in liabilities not assumed by North.South then liquidates by transferring the North stock and the $60,000 cash to its shareholders in exchange for their South stock.

A) This qualifies as a "Type A" reorganization.
B) This qualifies as a "Type B" reorganization.
C) This qualifies as a "Type C" reorganization.
D) This is a taxable transaction.
E) None of the above is correct.