Which of the following statements does not describe a tax consequence to shareholders in a complete liquidation?

Multiple Choice

Complete liquidations are taxable to all individual shareholders.

Complete liquidations are tax$-$deferred to corporate shareholders owning stock of the liquidated corporation representing $80$ percent or more of voting power and value.

Complete liquidations are taxable to all corporate shareholders owning stock of the liquidated corporation representing less than $80$ percent or more of voting power and value.

All complete liquidations are taxable to the shareholders.