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Question 1: The Raisin Corporation has assets valued at $1 million (adjusted basis of $700,000). There are mortgages of $250,000 associated with these assets. Almond Corporation acquires all of Raisin's assets by exchanging $800,000 of its voting stock, and assumes $200,000 of Raisin's liabilities. French distributes the Almond stock and remaining liabilities to its shareholders in exchange for their Raisin stock, and then liquidates. Which, if any, statement is correct?
Option a. This restructuring qualifies as a Type C reorganization.
Option b. Almond recognizes a $50,000 gain on the restructuring.
Option c. None of the above
Option d. The restructuring is taxable because liabilities cannot be distributed to shareholders in a tax-free
Option e. This restructuring qualifies as a "Type A" reorganization.
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