Which of the following is not true about mergers and acquisitions and taxes?

a. Tax factors are likely to affect how the combined firms are organized following a closing, as the tax ramifications of a corporate structure are quite different from those of a limited liability company or partnership

b. Tax considerations and strategies are likely to have an important impact on how a deal is structured by affecting the amount, timing and composition of the price offered to a target firm

c. Transactions may be either partly or entirely taxable to the target firm's shareholders or entirely tax-free altogether

d. Potential tax savings are often the primary motivation for a acquisition or merger

e. None of the selections