Which One of the Following Is Not Required for an Acquisition

Multiple Choice

Which one of the following is not required for an acquisition to be considered tax-free?

A) The continuity of equity interest
B) A business purpose, other than avoiding taxes, for the acquisition
C) The obtainment of equity shares in the acquirer by the target firm's shareholders
D) A cash payment to the target firm's shareholders
E) An exchange that is considered to be of equal value