All of the following statements are true about tax free reorganization except:

a.	No gain or loss is recognized by the acquiring corporation unless it transfers property to the target corporation as part of the transaction.
b.	The basis of property received by the acquiring corporation is the basis the property had in the hands of the target corporation plus gain recognized by the target.
c.	The target corporation may recognize both gains and losses.
d.	Gain recognized by stockholders is the lesser of the boot received or the realized gain.