Kelsey is the founder of Blond Corporation and owns all of its stock,both common and preferred.The preferred stock is noncumulative and possesses no preferential rights as to liquidation.In 1996 and when the common stock has a value of $2,200,000,Kelsey gives it to her adult children.She retains the preferred stock which,at this time,has a value of $400,000.In 2012,Kelsey dies.Values on the date of death are: $4,000,000 for the common stock and $550,000 for the preferred.

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The Answer of Kelsey is the founder of Blond Corporation and owns all of its stock,both common and preferred.The preferred stock is noncumulative and possesses no preferential rights as to liquidation.In 1996 and when the common stock has a value of $2,200,000,Kelsey gives it to her adult children.She retains the preferred stock which,at this time,has a value of $400,000.In 2012,Kelsey dies.Values on the date of death are: $4,000,000 for the common stock and $550,000 for the preferred.

Kelsey Is the Founder of Blond Corporation and Owns All