Which of the following is not true of a forward triangular cash merger?

a.It is generally followed by a liquidation of the target firm.b.The target's tax attributes carry over to the buyer.c.It is considered by the IRS as a purchase of target assets.d.Target shareholders must recognize a gain or loss as if they had sold their shares.e.Taxes are paid by the target firm on any gain on the sale of its assets and again by shareholders who receive a liquidating dividend.