!!!Question:

In a type 'B" reorganization:
a. the target corporation shareholders can only "buy up" their fractional shares to acquire a full share of the acquiring corporation.
b. the target corporation shareholders can only "buy down" their fractional shares to receive cash for their fractional shares.
c. None of the above.

In a type "C" reorganization if as part of the exchange the transferor corporation is liquidated and distributed two retained assets, one with a built in gain, and one wit a built in loss, to its sole shareholder, the transferor corporation will:
a. not recognize either gain or loss.
b. recognize gain only.
c. recognize loss only.
d. net the gain and loss and recognize only the net gain/loss of these two distributed assets.

In a type "C" reorganization the transferee (acquiring) corporation must pay as consideration voting stock comprising at least 80% of the:
a. gross fair market value of the transferor's assets acquired.
b. gross fair market value of the transferee's assets.
c. basis of the transferee's assets.
d. bases of the transferor's assets acquired.

In a type "C" reorganization, an existing creditor of the transferor corporations:
a. must have the debt assumed by the acquiring corporation.
b. must not have the debt assumed by the acquiring corporation.
c. can be paid off only with cash.
d. None of the above.