Sweet Corporation is in the candy business and sells most of its products in Europe.Lucky Corporation manufactures horse shoes for domestic consumption.Lucky would like to acquire Sweet Corporation because Sweet has large built-in losses in its business assets and foreign tax credit carryovers.To benefit from the built-in ordinary losses,Lucky will sell most of Sweet's business assets upon completion of the reorganization.Those assets with built-in gains will be distributed proportionately before the reorganization to Sweet's shareholders in exchange for 60% of their stock.All of the Sweet shareholders will receive Lucky stock for their remaining shares in Sweet. Which of the following statements is false?

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The Answer of Sweet Corporation is in the candy business and sells most of its products in Europe.Lucky Corporation manufactures horse shoes for domestic consumption.Lucky would like to acquire Sweet Corporation because Sweet has large built-in losses in its business assets and foreign tax credit carryovers.To benefit from the built-in ordinary losses,Lucky will sell most of Sweet's business assets upon completion of the reorganization.Those assets with built-in gains will be distributed proportionately before the reorganization to Sweet's shareholders in exchange for 60% of their stock.All of the Sweet shareholders will receive Lucky stock for their remaining shares in Sweet. Which of the following statements is false?

Sweet Corporation Is in the Candy Business and Sells Most