Which of the Following Is True Regarding Whether the "Common

Multiple Choice

Which of the following is true regarding whether the "common enterprise" element of the Securities and Exchange Commission v.W.J.Howey Co.case requires horizontal or vertical commonality?

A) The federal circuits are in agreement that there must be horizontal commonality even if vertical commonality can be shown.
B) The federal circuits are in agreement that there must be vertical commonality even if horizontal commonality can be shown.
C) There is a split in the federal circuits as to whether the common enterprise element of the test can be met by showing horizontal commonality or whether there must be vertical commonality.
D) There is a split in the federal circuits as to whether the common enterprise element of the test can be met by showing vertical commonality or whether there must be horizontal commonality.