JILLIAN OWNS 60% OF THE STOCK IN A PRIVATE CATERING CORPORATION. THERE ARE 1,200 SHARES IN THE ENTIRE CORPORATION. HOW MANY SHARES DOES JILLIAN OWN?
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- Frog Corporation is owned equally by Sandy, her husband Tom, her daughter Caitlin, and her grandmother, Martha. Each shareholder owns 200 shares in the company. Under the family attribution rules, how many shares of Frog stock is Sandy deemed to own? Multiple Choice 200 400 600 800The White Summer Ski Lodge, Inc. has one class of common stock owned as follows: 20% by Winston Green 18% by Winston's nephew, Vincent 17% by Winston's old high school friend, Bud ( Bud and Winston both invested in the Landview Limited Real Estate partnership). 25% by a trust with Winston's wife Sylvia as trustee. The equal beneficiaries are Sylvia's mother, Kimberly, and Winston's brother, Kirk. 20% by Kirk's wife, Hester. Winston owns, directly or indirectly, the following percentage of the stock in the corporation: a. 82% b. 100% c. 49.5% d. 69.5%Aminah owns 1,000 shares of a firm that has just announced an increase in its dividend from $2.00 to $2.50 a share. The share price is currently $150. If Aminah does not wish to spend the extra cash, what should he do to offset the dividend increase?
- Darlene owns 90 shares of stock with basis of $5400at $60 per share . If the stock splits three for one,how many shares will Penny own,and what will be the amount of hervnew basis per share?Larry Nelson holds 1,000 shares of General Electric's (GE) common stock. The annual stockholder meeting is being held soon, but as a minor shareholder, Larry doesn't plan to attend. Larry did not sell his shares but gave his voting rights to the management group running General Electric (GE). Larry must have signed a that gives the management group control over his shares. Larry also holds 2,000 shares of common stock in a company that only has 20,000 shares outstanding. The company's stock currently is valued at $43.00 per share. The company needs to raise new capital to invest in production. The company is looking to issue 5,000 new shares at a price of $34.40 per share. Larry worries about the value of his investment. Larry's current investment in the company is If the company issues new shares and Larry makes no additional purchase, Larry's investment will be worth . Larry could be protected if the firm's corporate charter includes a This scenario is an example of provision. If…2. Rye Corporation is owned 55% (55 shares) by Roger, 30% (30 shares) by Yolanda and 15% (15 shares) by Eric. Rye has E&P of $400,000. Roger's stock basis is $200,000, Yolanda's stock basis is $130,000 and Eric's stock basis is $80,000. a. What is the tax result to Roger if Rye redeems 30 shares for $350,000? Yolanda is Roger's wife. b. What is the tax result to Roger if Rye redeems 45 shares for $500,000? Yolanda is Roger's wife. c. What is the tax result to Roger if Rye redeems 55 shares for $600,000? Yolanda is Roger's wife.
- Premium Blinds Ltd. specializes in the manufacture of custom and pre-finished blinds and drapes for windows and doors. The firm was founded by Bill Khadim, who retired 10 years ago and now lives in Orlando, Florida. When he retired, Bill assigned 60% of the shares of the corporation to Sara Khadim, his daughter. Much of Bill's retirement income comes from the dividends he receives on his remaining Premium Blinds shares. Premium Blinds is now run by Sara. There are no other shareholders.Father, age 67, owns 84% of the common shares of Opco. Mother owns 8%. The remaining 8% is owned by Child, age 22, who works full-time in the business with Father. Mother has no involvement in any aspect of the business. Opco is in the business of manufacturing furniture. In the current year, Opco paid dividends to Father, Mother, and Child. Explain why the dividends received by Father, Mother, and Child are not subject to tax on split income.At the time of her death, June had an adjusted gross estate of $16,000,000. Included in the estate were the following business interests. Fair Market Value A 30% capital interest in the JX Partnership $5,700,000 A 25% interest (i.e., 250 shares out of 1,000) in Silver Corporation 500,000 A catering service operated as a sole proprietorship 950,000 JX has 32 partners, while Silver lists 30 shareholders. None of the other partners or shareholders are related to June. Can June’s estate qualify for an election under § 6166? Explain.
