If a Section $338$ election is made:

the target will recognize taxable gain or loss immediately after sale under Sections $61($a$))1001.$

the target will recognize only taxable gain immediately after sale under Sections $61($a$)(3)1001$ and losses may not be recognized.

after the sale of substantially all of its assets, the target will be taxed on a subsequent liq distribution

after the sale of substantially all of its assets, the target will not be taxed on a subsequen distribution

a and $c$ are correct