Solved

Geneva Corporation,a Privately Held Company,has One Class of Voting Common

Question 104

Essay

Geneva Corporation,a privately held company,has one class of voting common stock,of which 1,000 shares are issued and outstanding.Madison has a 20 percent interest in the partnership.The remaining 80 percent is owned by unrelated individuals.Madison owns 40% of Packer Corporation.The other 60 percent is owned by her father.The shares are owned as follows:
Madison Cheeseman350Brewer Partnership250Brett Cheeseman (Madison’s granddaughter)100Packer Corporation300Total1000\begin{array}{lccc} \text {Madison Cheeseman}&350\\ \text {Brewer Partnership}&250\\ \text {Brett Cheeseman (Madison's granddaughter)}&100\\ \text {Packer Corporation}&\underline { 300}\\ \text {Total}&\underline { 1000}\\\end{array}
How many shares of stock is Madison deemed to own under the family attribution rules in a stock redemption?

Correct Answer:

verifed

Verified

800 Madison is deemed to own her shares,...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents