Which one of the transactions would NOT be treated as an exchange of stock? a. A complete buy out of shareholders entire interest is redeemed. b. A meaningful reduction in the shareholders ownership interest. The percentage of ownership after the redemption must be less than 50% and must be less than 80% of the percentage ownership before the redemption. c. The corporation either redeems or cancels the stock pro rata for all shareholders. d. A partial liquidation of corporation for stock held by non-corporate shareholders