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1. Neither shareholder can claim the exemption 2. While we would not view the filing of a Schedule 13-G with the SEC as dispositive in claiming the solely for purpose of investment it may be one...
1. Correct- 801.11(e) says "securities" not "voting securities". We have interpreted this to mean voting and non-voting securities, as well as non-corporate interests. 2. Agree KW concurs.
I think this is still right, except in the case of certain "closely held" 401(k) plans (generally for the benefit of one or a very few individuals, e.g., family). We have seen instances of these...