Final answer:
For Section 351, 80% or more of the voting stock is required for control. This is reflected in answer D) 80%. Majority rules typically require just over 50%, and multiple investors would be needed to change a company's top management.
Step-by-step explanation:
For control in the context of Section 351 transactions, an individual or a group needs to own 80% or more of the corporation's voting stock. Therefore, the correct answer to the question is D) 80%.
When addressing similar questions such as the percentage of the vote required to pass most ordinary laws, it's typically 50 percent + 1 vote. However, for certain supermajority requirements, like amendments to the constitution, a higher threshold such as two-thirds or three-quarters of the vote may be needed.
In the scenario provided in the problems section, investors need a majority to change the top management. If investor 1 with 20,000 shares and investor 2 with 18,000 shares vote together, they would hold 38% of the stock, which would not guarantee control as they would not reach beyond the 50% majority threshold required for a general majority rule.