46)

How many of the following statements regarding the continuity of interest doctrine are true?

(i) In Southwest Natural Gas Co. v. Commr, it was held lacking as the targets shareholders received less than a 1% interest in the parent corporation.

(ii) Not all the shareholders of the transferor corporation (T co.) have to receive stock of the transferee corporation (P co.) as continuity of interest is determined on an aggregate basis.

(iii) Generally to have continuity of interest there must be a continuing interest through stock ownership in the acquiring corporation or transferee corporation on the part of the former shareholders of the acquired or transferor corporation which is equal in value to at least 80% of the value of all of the formerly outstanding stock of the acquired or transferor corporation.

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