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:

Procedural Memories

The type of long-term memory responsible for knowing how to do things, also known as motor skills, involving the learning of tasks.

Infantile Amnesia

The inability of adults to recall personal memories from early childhood, typically before the age of three or four.

Explicit Memories

Memories of specific facts and experiences that individuals can consciously know and declare.

Implicit Memories

Concerns memories that are unconsciously and automatically retrieved, influencing thoughts and behaviors without explicit awareness.