Identify Which of the Following Statements Is True

question 99

Multiple Choice

Identify which of the following statements is true.

• A)In a tax-free reorganization, the acquiring corporation's holding period for the acquired properties includes the period of time the target corporation held the properties.
• B)In a tax-free reorganization, if the acquiring corporation uses nonmonetary boot property, gains or losses will be recognized by the acquiring corporation.
• C)The receipt of cash by a shareholder results in the recognition of all of his or her realized gain even if the transaction qualifies as a tax-free reorganization.
• D)All of the above are false.

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Definitions:

Ctenophores

Phylum of marine animals (comb jellies) whose bodies consist of two layers of cells enclosing a gelatinous mass. The outer surface is covered with comblike rows of cilia, by which the animal moves.

Nematocysts

Specialized cells in cnidarians (like jellyfish) that shoot out a toxic barb in self-defense or to capture prey.

Biradially Symmetrical

A type of symmetry in organisms where the body can be divided into mirror-image halves in two different planes.

Cnidarian

A group of aquatic invertebrates known for their stinging cells, including jellyfish, corals, and sea anemones.