Which of the Following Is $\underline{\text{not}}$ Required for the Intrastate Exemption?
A)The Investors and Issuer Must

Multiple Choice

Which of the following is $\underline{\text{not}}$ required for the intrastate exemption?

A) The investors and issuer must all be residents of the same state.
B) Of the issuer's income, 100 percent must be earned in its resident state.
C) Of the issuer's assets, 80 percent must be located in its resident state.
D) Of the proceeds from the sale, 80 percent must be earned on operations in the state.
E) All of the above are requirements.