Sara owns 60 percent of the stock of Lea Corporation. Unrelated individuals own the remaining 40 percent. For a stock redemption of Sara's stock to be treated as an exchange under the "substantially disproportionate" test, what percentage of Lea stock must Sara own after the redemption?

• Any percentage less than 60 percent
• Any percentage less than 50 percent
• All stock redemptions involving individuals are treated as exchanges
• Any percentage less than 48 percent