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Which of the following is not a requirement for the owner of corporate stock who...

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Accounting

Which of the following is not a requirement for the owner of corporate stock who sells to an ESOP to qualify for the nonrecognition of gain treatment?
The ESOP must own at least 55% of the corporations stock immediately after the sale.
The owner must reinvest the proceeds from the sale into qualified replacement securities within 12 months after the sale.
The ESOP may not sell the stock within three years of the transaction unless the corporation is sold.
The owner must not receive any allocation of the stock through the ESOP.

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