Which of the following is not true of a 338 election ?
A) It applies to asset purchases only.
B) It applies to stock purchases only.
C) It allows a purchase of stock to be treated as an asset purchase for tax purposes.
D) The buyer must adopt the 338 election.
E) The seller must agree with the adoption of the 338 election.

Question

Quizplus · Accepted Answer

A 338 election does not apply to asset purchases, so statement A is not true. The other statements are all true.

Which of the Following Is Not True of a 338