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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- VikarmbhaiPremium 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.p
- Please help meFather, 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.Hope Corporation has a single class of common stock outstanding. Joe owns 400 shares, which he purchased for $40 per share two years ago. On April 10 of the current year, Hope distributes to its common shareholders one right to purchase for $55 one common share for each common share owned. At the time of the distribution, each common share is worth $85, and each right is worth $40. On September 10, Joe sells 200 rights for $5,000 and exercises the remaining 200 rights. On November 10, he sells for $90 each 167 of the shares acquired through exercise of the rights. Read the requirements. Amount of gain or loss 10880 Character of gain or loss long-term capital gain Requirement c. What are the amount and character of gain or loss Joe recognizes upon exercising the rights? (Enter a 0 for a zero amount. If the amount is zero, select "n/a" in the character column.) Joe Amount of gain or Character of gain or loss loss Requirement d. What are the amount and character of gain or loss Joe…
- Miss Wells has purchased the shares of two companies over the years. Each company has only one class of shares. Purchases and sales of shares in the first of these companies, Memo Inc., are as follows: February, 2015 purchase November, 2016 purchase April, 2017 purchase October, 2017 sale September, 2019 purchase November, 2019 sale 60 @ $24 90 @ 28 45 @ 30 (68) @ 36 22 @ 26 (53) @ 40 Purchases and sales of shares in the second company, Demo Ltd., are as follows: April, 2018 purchase December, 2018 purchase July, 2019 sale $24 160 @ (260) @ 36 200 33 Required: A. Determine the cost to Miss Wells of the Memo Inc. shares that are still being held on December 31, 2019. B. Determine the taxable capital gain resulting from the July, 2019 disposition of the Demo Ltd. shares.At her death, Chow owned 55% of the stock in Finch Corporation, with the balance held by family members. In the past five years, Finch has earned average net profits of $1,830,000, and on the date of Chow's death, the book value of its stock is $4,575,000. An appropriate rate of return for the type of business Finch is in is 5.05%. If required, round your intermediate computations to the nearest dollar. a. If goodwill exists, the total value of Finch stock is $ What value would the IRS argue that the stock Chow owned should be included in her estate? b. Considering the facts given, identify some factors that could be present to reduce the value of such goodwill by selecting "Yes" for ones that can impact a goodwill valuation and "No" for ones that won't. 1. 2. 3. 4. Extraordinary gains. Lower than industry average salaries. Chow was the key person in the success of the business. The appropriate rate of return for this type of business is low. Yes Yes Yes YesDana White has purchased insurance for his home with three different companies, Company A covers 2,909, Company B covers 2,631 and Company c covers 3,298. Assuming the insurers follow a equal shares method, how much will company B pay if a loss of 3,009 occurs?
- Four unrelated shareholders own Benton Corporation's 400 shares of outstanding stock. As indicated below, Benton redeems a total of 100 shares for $500 per share from three of its shareholders. Each shareholder has a $230 per share basis in his or her stock. Benton's current and accumulated earnings and profits (E&P) at the end of the tax year is $150,000. View the shareholder data. Read the requirements. to Ethel, Fran, and Georgia? Ethel Fran Georgia Amount of income, gain, or loss Ethel Fran Georgia Character of income, gain, or loss Amount of income, gain, or loss 50,000 0 50,000 capital gain capital gain capital gain Requirement b. How would your answer to Part a change if Ethel were Georgia's mother? Character of income, gain, or loss dividend income return of capital Basis of remaining shares dividend income Basis of remaining shares Shareholder Data Shareholder Ethel Fran Georgia Henry Total Shares Held Before the Redemption Print 200 100 50 50 400 Done Shares Redeemed 40 30 30…G is employed by a Canadian-controlled private corporation. In year 1, G was granted a stock option to acquire 1,000 shares from the treasury of his employer's corporation for $8 a share. At the time of receiving the option, the shares were valued at $10 per share. In year 3, G exercised his option and purchased 1,000 shares for $8,000. At the purchase date in year 3, the shares were valued at $15 per share. In year 5, G sold 1,000 shares for $20 per share. What amount is included in G's employment income for tax purposes in year 3?Mr. Aldrin owns 15,000 shares of INC , Inc. which has a 40,000 shares outstanding and 60,000 shares of authorized capital stock. INC issues additional shares of 10,000 capital stocks giving the shareholders the pre-emptive right to subscribe . a) Determine the proportionate interest of Mr. Aldrin. b) If Aldrin exercises his rights, what will be his proportionate interest ?