Identify Which of the Following Statements Is False

question 20

Multiple Choice

Identify which of the following statements is false.

• A)A Sec. 338 election usually triggers taxation to the target corporation.
• B)A Sec. 338 election must be made not later than the fifteenth day of the ninth month following the first stock acquisition in a series of acquisitions that leads to 80% or more stock ownership.
• C)When a Sec. 338 election is made, the target corporation is treated as having sold all of its assets at their FMV at the close of the acquisition date.
• D)In a Sec. 338 deemed sale election, the shareholders of the target corporation sell their stock to the acquiring corporation.

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Definitions:

fMRI

Functional Magnetic Resonance Imaging, a technique for measuring and mapping brain activity by detecting changes associated with blood flow.

Broca's Aphasia

A condition resulting from damage to the Broca's area of the brain, characterized by impaired speech production while understanding of language remains relatively intact.

Speech

The verbal expression of thoughts and feelings through articulated sounds.

Phrenology

Phrenology is an outdated and discredited theory that suggested the bumps on the skull could predict mental traits and character.