John and his following relatives own a total of 80% of S Corporation: Wife, Son, Grandmother, Great Uncle, Grandson, Aunt and Cousin. The other 20% of the S Corporation is owned by 5 unrelated individuals. How many S Corporation shareholders are there for purposes of determining the maximum 100 shareholder rule?

John and his following relatives own a total of 80% of S Corporation: Wife, Son, Grandmother, Great Uncle, Grandson, Aunt and Cousin. The other 20% of the S Corporation is owned by 5 unrelated individuals. How many S Corporation shareholders are there for purposes of determining the maximum 100 shareholder rule?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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