1. Which of the following is not true of a taxable purchase of stock?

	a.	All target stockholders are affected equally.
	b.	It generally does not permit a basis step-up of the targets assets.
	c.	It usually involves a tender offer for the targets shares.
	d.	The target firm does not pay any taxes on the transaction.
	e.	It usually involves the purchase of the targets stock with cash.