Required information. [The following information applies to the questions displayed below.) Oriole Corporation, a privately held company, has one class of voting common stock, of which 1,000 shares are issued and outstanding. The shares are owned as follows: Larry Ivan (Larry's son) Cabi (Larry's daughter) Cali (unrelated) Total 400 200 200 200 1,000 Larty is considering retirement and would like to have the corporation redeem all his shares for $400,000. & What action is necessary if Larry wants to guarantee that the redemption will be treated as an exchange? Because this is a complete termination of his direct ownership interest in Oriole Corporation, Larry can elect to waive the family attribution rules provided he Larry must file a acquire a prohibited interest in Oriole over the next ten years with the IRS to waive the election and agree to alert the IRS if he acquires a prohibited interest within the next 10 years.