45)

How many of the following statements are true?

(i) In Gregory v. Helvering the Court relied solely upon the step transaction and the taxpayer prevailed.

(ii) In King Enterprises, Inc. v. U.S. the court utilized the binding commitment test and the taxpayer won.

(iii) The three tests generally employed in the step transaction doctrine are the binding commitment test," "the end result test," and "business purpose test."

(iv) In an E reorganization, if there is a pre-arranged plan to sell 60% of the shares to be received in the recapitalization, the recapitalization will be taxable as it lacks continuity of interest.

	a.	4
	b.	1
	c.	2
	d.	3
	e.	None of these.