Detailed Answer
(c) Sales or offers to sell by any person other than an
issuer, underwriter, or dealer are exempt under the 1933 Act.
Answer (a) is incorrect because the Act covers all types of securities
including preferred stock. Answer (b) is incorrect because
closely held corporations are not automatically exempt. Answer
(d) is incorrect because debentures, as debt securities, are
covered under the Act even if they are highly rated or backed by
collateral.