On November 2022 the Carlos family, which consists of 10 family members agreed to establish a rural bank. Each of the family members agreed to contribute P1,000,000.00 each, as their capital for a total of P10,000,000.00 The said family members agreed not to include any other persons in their intended rural bank, so they decided to put up a close corporation and registered it to the Security and Exchange Commission (SEC) As a commissioner of the SEC, what will you required from the said incorporators in establishing their corporation?

On November 2022 the Carlos family, which consists of 10 family members agreed to establish a rural bank. Each of the family members agreed to contribute P1,000,000.00 each, as their capital for a total of P10,000,000.00 The said family members agreed not to include any other persons in their intended rural bank, so they decided to put up a close corporation and registered it to the Security and Exchange Commission (SEC) As a commissioner of the SEC, what will you required from the said incorporators in establishing their corporation?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 49RC

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