Is the transaction a sale of substantially all of the assets

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Question: X Corporation is engaged in selling pencil on wholesale basis. It is merely renting a bodega and 90% of its assets consists of its stocks of pencils. "A" a school supply dealer, purchased all the stocks of X Corporation. Is the transaction a sale of substantially all of the assets of the corporation requiring the concurrence of stockholders representing 2/3 of the outstanding capital stock? Explain.

Reference no: EM133394619

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