Which of the following securities is exempt from registration under the Securities Act of 1933?
a. Share of nonvoting common stock, provided their par value is less than $1.00.
b. A class of stock given in exchange for another class by the issuer to its existing stockholders without the issuer paying a commission.
c. Limited partnership interests sold for the purpose of acquiring funds to invest in bonds issued by the United States.
d. Corporate debentures that were previously subject to an effective registration statement, provided they are convertible into shares of common stock.
Answer: B
Tax
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- Income in respect of a cash-basis decedent
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