Under which of the following circumstances is a public offering of securities exempt from the registration requirements of the securities act of 1933?

a. there was a prior registration within one year

b. the corporation is a public utility subject to regulation by the federal power commision

c. the corporation was closely held prior to the offering

d. the issuing corporation and all prospective security owners are located within one state, and the entire offering, sale, and distribution is made within that state