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13 Dec 2019

m owns 60% of b corp and 40% of c corp. c owns 20% of b corp. under the constructive ownership rules of section 318, m is treated as owning:

a. 60% of b

b. 68% of b

c. 80% of b

d. 100% of B

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Trinidad Tremblay
Trinidad TremblayLv2
17 Dec 2019
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2. LoWay Exterminators, Inc., is a C-corp with two shareholders. Logan owns a 60% interest with a basis of $30,000. Wyatt owns a 40% interest with a 6,000 basis. Accumulated Earnings and Profits of the Corporation as of January 1, 2017 was $10,000 and Earnings and Profits generated during 2017 were 5,000. On December 31, 2017 the C-corp made a non-liquidating distribution in the total amount of $50,000, with $30,000 going to Logan and 20,000 going to Wyatt. The C-corp did not treat any portion of the distribution as wages or salary.

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