1. The Niedermeyer case is a good example of a tax planning blunder. It illustrates the need for sensitivity to provisions such as 304. In reading the case, make sure you can answer the following questions: (a) Why did 304 apply to the sale by the taxpayers of their AT \& T common stock to Lents? (b) Given that $304 applies, how do you test the "redemption" to determine if the taxpayers have a dividend? (c) Why were the taxpayers unable to waive family attribution and qualify for "sale" treatment under 302(b)(3) ? (d) How could they have avoided this unfortunate result