A corporation has issued preferred, cumulative stock that the corporation can mandatorily redeem after 20 years of issuance. Which of the following is true?

a. The Internal Revenue Code would not classify this as debt, nor would Generally Accepted Accounting Principles classify this as debt.

b. The Internal Revenue Code would not classify this as debt, but Generally Accepted Accounting Principles would classify this as debt.

c. None of the other choices are correct.

d. The Internal Revenue Code would classify this as debt, but Generally Accepted Accounting Principles would not classify this as debt.

e. The Internal Revenue Code would classify this as debt, and Generally Accepted Accounting Principles would classify this as debt.