$21$ point

Which of the following requirements must be met for a redemption to be treated as substantially disproportionate?

After the redemption, the shareholder must own less than $80\%$ of his percentage ownership of voting stock prior to the redemption.

After the redemption, the shareholder must own less than $80\%$ of his percentage ownership of common stock $($voting and nonvoting$)$ prior to the redemption.

The shareholder must own less than $50\%$ of the outstanding stock $($in terms of voting power$)$ after the redemption.

All of the above must be met.