When Shares Are Transferred from One Group of Shareholders to Another

When shares are transferred from one group of shareholders to another and there is a change in control, which of the following applies?

A) Net-capital losses that arise following the change in control are automatically deemed to have expired.
B) Non-capital losses arising prior to the change in control are automatically deemed to have expired.
C) Net-capital losses arising prior to the change in control may be used against income from the business that incurred the loss if that business is carried on at a profit or with a reasonable expectation of profit in the year in which the losses are applied.
D) Non-capital business losses arising prior to the change in control may be used against income from the business that incurred the loss if that business is carried on at a profit or with a reasonable expectation of profit in the year in which the losses are applied.

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