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Fiesta28 [93]
3 years ago
5

Lansing Company is owned equally by Jennifer, her husband Dan, and DeWitt Corporation, which is owned 50 percent by Jennifer and

her sister Jane. Each of the three shareholders holds 100 shares in the company. Under the §318 stock attribution rules, how many shares of Lansing stock is DeWitt Corporation deemed to own?
(A) 100
(B) 200
(C) 250
(D) 300
Business
1 answer:
LuckyWell [14K]3 years ago
4 0

Answer:

(D) 300

Explanation:

Total number of shareholders = 3

Number of shares per shareholder = 100

Total Shares owned by DeWitt Corporation = 100*3

                                                                         = 300

Therefore, DeWitt Corporation is deemed to own 300 shares of Lansing stock.

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