X Corporation is engaged in selling pencils on wholesale basis. It is merely renting a bodega and 90% of its assets consist of its stocks of pencil. "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 concurrence of stockholders representing 2/3 of the outstanding capital stock?

Answer rating: 100% (QA)

Solution The company X Corporation is engaged in selli... View the full answer