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| Barton Corporation and Clagg Corporation have decided to combine their separate companies pursuant to the provisions of their state corporation laws. After much discussion and negotiation, they decided that a consolidation was the appropriate procedure to be followed. Which of the following is an incorrect statement with respect to the contemplated statutory consolidation? A. Creditors of Barton and Clagg will have their claims protected despite the consolidation. B. A statutory consolidation pursuant to state law is recognized by the Internal Revenue Code as a type of tax-free reorganization. C. The larger of the two corporations will emerge as the surviving corporation. D. The shareholders of both Barton and Clagg must approve the plan of consolidation. |