Acme Corporation has 1,000 shares outstanding. Joan and Tin are married, and each of them owns 60 shares of Acme. Joan and Tin's daughter, Kara, also owns 60 shares of Acme. Joan is an equal partner with Jeri in the J&J partnership, and this partnership owns 70 shares of Acme. Jeri is not related to Joan or Tin. How many shares of Acme is Kara deemed to own under the stock attribution rules?

Acme Corporation has 1,000 shares outstanding. Joan and Tin are married, and each of them owns 60 shares of Acme. Joan and Tin's daughter, Kara, also owns 60 shares of Acme. Joan is an equal partner with Jeri in the J&J partnership, and this partnership owns 70 shares of Acme. Jeri is not related to Joan or Tin. How many shares of Acme is Kara deemed to own under the stock attribution rules?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter19: Corporations: Distributions Not In Complete Liquidation

Section: Chapter Questions

Problem 57P

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