Sam owns 60 percent of the stock of Club Corporation. Unrelated individuals own the remaining 40 percent. For a stock redemption of Sam's stock to be treated as an exchange under the "substantially disproportionate" test, what percentage of Club stock must Sam own after the redemption? Multiple Choice O Any percentage less than 60 percent. Any percentage less than 50 percent. O Any percentage less than 48 percent. All stock redemptions involving individuals are treated as exchanges