Identify Which of the Following Statements Is True

question 38

Multiple Choice

Identify which of the following statements is true.

• A)When the acquiring corporation makes the Sec. 338 election, the target corporation is treated in many respects as a new corporation.
• B)A Sec. 338 election requires the adoption of the old target corporation's tax year by the new target corporation.
• C)Tax attributes of the target corporation are not lost when a Sec. 338 deemed liquidation election is made.
• D)All of the above are false.

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Definitions:

Mausoleum of Galla Placidia

A renowned early Christian monument in Ravenna, Italy, known for its stunning mosaics, built in the 5th century as the final resting place for Galla Placidia.

Pantheon

An ancient Roman building known for its large dome and as a temple to all the gods of ancient Rome.

Tomb of the Julii

An ancient Roman mausoleum located north of St. Peter’s Basilica, known for its elaborate Christian mosaics.

Mildenhall Treasure

A significant hoard of Roman silver discovered in Suffolk, England, dating back to the 4th century, renowned for its intricate craftsmanship.