There are additional tax advantages, beyond mismatch of income and deduction, for the establishment of an ESOP. One of these is non-recognition of gain treatment. To obtain non-recognition of gain treatment, qualified replacement property must be purchased. Which of the following investments would qualify as qualified replacement securities?

a. DIA - The Dow Jones Industrial Average ETF Trust.

b. Porsche Automobile Holding ADR.

c. UPS (United Parcel Service) Debentures

d. Louisiana general obligation bonds.

please explain each answer