$1.$ Acquiring Corporation $($P$)$ has $500,000$ shares of voting common stock outstanding $($value$$$$10$ per share$)$ and $$500,000$ of accumulated earnings and profits. Target Corporation $($T$)$ has assets with an aggregate adjusted basis of $$300,000$ and an aggregate fair market value of $$500,000,$ and $$100,000$ of accumulated earnings and profits. Except as otherwise indicated below, assume that T has no liabilities. T$$s ten equal shareholders each owns $100$ shares of T voting common stock with an adjusted basis of $$20,000$ and a fair market value of $$50,000.$ Discuss the tax consequences to P$,$ T and T$$s shareholders of each of the following alternative transactions: $($a$)$T merges into P in a qualified Type A reorganization. Each T shareholder receives $4,000$ shares of P voting common stock $($value$$$$40,000)$ and P nonvoting preferred stock $($not $$nonqualified preferred stock$)$ worth $$10,000.$ What if the P nonvoting preferred were nonqualified preferred stock?$($b$)$Same as $($a$),$ above, but instead of the preferred stock each T shareholder receives $20-$year market rate interest bearing P notes with a principal amount and fair market value of $$10,000.($c$)$Same as $($b$),$ above, except that two of the shareholders receive all the notes $($with a principal amount and fair market value of $$100,000),$ and the remaining eight shareholders each receives P voting common stock worth $$50,000\mathrm{.}447($d$)$Same as $($b$),$ above, except that T had $$50,000$ of accumulated earnings and profits.$($e$)$Assume for the remainder of the problem that T has assets with an aggregate fair market value of $$600,000,$ an aggregate adjusted basis of $$300,000,$ and a $$100,000$ liability. P acquires all T$$s assets in a qualified Type C reorganization in exchange for P voting stock worth $$500,000$ and P$$s assumption of T$$s $$100,000$ liability. T immediately distributes the P stock to its shareholders in complete liquidation.$($f$)$Same as $($e$),$ above, except P transfers $$500,000$ of P voting stock and $$100,000$ cash to T$,$ which uses the cash to pay off its liability and then distributes the stock to its shareholders in complete liquidation.$($g$)$Same as $($e$),$ above, except P transfers to T $$500,000$ of P voting stock and investment securities with a basis of $$40,000$ and a fair market value of $$100,000.$ T sells the securities for $$100,000,$ using the proceeds to pay off its liability, and then liquidates and distributes the P stock to its shareholders.$($h$)$Same as $($e$),$ above, except P transfers $$600,000$ of its voting stock to T in exchange for all of T$$s assets and does not assume T$$s liability. T then sells $$100,000$ of P voting stock and uses the proceeds to pay off the liability. T then distributes the remaining P stock to its shareholders in complete liquidation.$($i$)$Same as $($h$),$ above, except T transfers $$100,000$ of P voting stock directly to its creditor in payment of the liability and then distributes the remaining P stock to its shareholders in complete liquidation.