The assets (fmv) and liabilities of target corporation amount to $4 million and $300,000 respectively. target transfers assets with a FMV of $3.7 million to Acquiring Corporation as part of a "C" reorganization. The assets retained by target are used to settle its liabilities/ has acquiring corporation received substantially all the assets of target? yes or no?

Answer rating: 100% (QA)

Answer Under IRS In a case of Type C reorganisation substantially all ... View the full answer