Calliope Corp. has outstanding 400 shares of common stock of which Yak, So, Day, and Ren each

Question:

Calliope Corp. has outstanding 400 shares of common stock of which Yak, So, Day, and Ren each own 100 shares, or 25%. No stock is considered constructively owned by any of the shareholders under § 318. Calliope redeems 34 shares from Yak, 24 shares from So, and 42 shares from Day. Which shareholder(s) qualify for exchange treatment on this redemption?
I. Yak
II. So
III. Day
a. None
b. II only
c. III only
d. I and II only

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...