Which of the following relationships are considered related parties?

Question

Quizplus · Accepted Answer

All three relationships listed in the options are considered related parties. In option A, the corporation and the 100% shareholder have a direct relationship since the shareholder owns all the shares and controls the corporation. In option B, the partnership and the 66% partner have a direct relationship since the partner has a significant ownership and control over the partnership. In option C, the brother and sister have a direct relationship as they are immediate family members. Therefore, all options are related parties.

Which of the Following Relationships Are Considered Related Parties