Which of the following is a correct statement regarding a redemption to pay death taxes (Estate taxes) under 303?

a. An estate recognizes gain on the redemption equal to the excess of the distribution proceeds over the decedents basis in the stock.

b. The 318 stock attribution rules do not apply to the redemption.

c. The value of the stock in the decedents gross estate must exceed 40% of the value of the adjusted gross estate.

d. A corporation recognizes gains and losses on the distribution of property in the redemption.