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QUESTION
4 - Coralee owns 500 shares of stock in Cinnamon Corp. The remainder of the shares are owned by various parties described below:
4 - Coralee owns 500 shares of stock in Cinnamon Corp. The remainder of the shares are owned by various parties described below:
Coralee's grandmother 100 shares
Coralee's mother 200 shares
Coralee's sister 100 shares
CCC Corp owns the remaining 300 shares. Coralee owns one third or 33% of CCC Corp.
Cinnamon Corp redeems all of the stock that Coralee owns directly for $50,000. Her basis in the stock is $40,000. Coralee continues to serve as CEO of Cinnamon Corp.
Which of the statements below are true:
