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parties to the reorganization themselves and may be subject to taxation 17 The basis of the property transferred to the acquiring corporation is equal to the target corporation s basis plus any gain recognized by the target on the transfer 18 Target Corporation generally must recognize gain or loss on receipt of stock secunties and boot in 'in acquisitive reorganization 19 In a C or acquisitive D reorganization the target corporation is required to recognize gain or loss on all stock securities boot or assets distributed to shareholders 20 As long as the business of the target corporation is continued the full amount of target corporation s NOL will survive in a reorganization. 21. Corporation owns 100 percent of R Corporation. P operates a car dealership while R owns a chain of quick-lube franchises. P established R ten years ago but now finds it advisable to narrow its business focus. P distributes all of its shares in R to its shareholders. The distribution is a taxable dividend distribution. 22. A split-off occurs when the parent corporation distributes the stock of a subsidiary to stockholders who do not surrender any of their stock in the parent for stock in the subsidiary. 23. A split-up occurs when a parent corporation distributes the stock of two or more subsidiaiy corporations to its shareholders in exchange for all of their stock in the parent as part of a complete liquidation of the parent. 24. L Corporation transferred $100,000 cash and bonds to a subsidiary in exchange for all of its stock, which it distributed to its shareholders. The distribution is a nontaxable spin-off. 25. R received $1,000 cash in addition to stock in a transaction that meets the requirements of $355. If the transaction is a spin-off, R 's basis for his stock will increase by $1,000. 26. A distributing corporation distributes solely stock or securities of a controlled corporation. Gain or loss is recognized by the distributing corporation