ABC Corp. merges with XYZ Corp., and XYZ's shareholders receive ABC stock. Two months later ABC sells 100% of all the former assets owned by XYZ to a third party for $1 million. ABC pays no tax because its NOLs offset any tax. One year later ABC redeems all the former shareholders of XYZ who receive $1 million for their ABC stock.

Select one:

a.Continuity of proprietary interest

b.Step Transaction

c.Continuity of business enterprise

d.Liquidation Reincorporation

e.Business Purpose