Which of the following statements best describes a §338 transaction?
A. A §338 transaction is an election made by the buyer to treat a stock acquisition as an asset acquisition.
B. A §338 transaction is an election made by the seller to treat an asset acquisition as a stock acquisition.
C. A §338 transaction is an election made by the buyer to treat an asset acquisition as a stock acquisition.
D. A §338 transaction is an election made by the seller to treat a stock acquisition as an asset acquisition.
Answer: A
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