Sam owns 65 percent of the stock of Club Corporation Unrelated individuals own the remaining 35 percent For a Sam's stock to be treated as an exchange under the *substanbaily disproportionate" test. What percentage of Club stock must Sam own after the redemption?

Any percentage less than 65 percent.

Any percentage less than 52 percent.

All stock redemptions involving individuals are treated as exchanges.

Any percentage less than 50 percent.