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Acme Corporation has 1,000 shares outstanding
Acme Corporation has 1,000 shares outstanding. Joan and Bill are married, and each of them owns 45 shares of Acme. Joan and Bill's daughter, Shirley, also owns 45 shares of Acme. Joan is an equal partner with Jeri in the J&J partnership, and this partnership owns 40 shares of Acme. Jeri is not related to Joan or Bill. How many shares of Acme is Shirley deemed to own under the stock attribution rules?
Expert Solution
Computation of Number of Shares:
Attributed stock = Stock owned directly + (Stock owned by mother and father) + (Proportionate stock held by her father in J&J partnership)
= 45 shares + (45 shares + 45 shares) + (40 shares * 50%)
= 45 shares + 90 shares + 20 shares
= 155 shares
Thus, the number of shares held by person Shirley, as stock attribution rules is 155 shares.
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