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QUESTION
Julian, Berta, and Maria own 400 shares, 400 shares, and 200 shares, respectively, in JBM Corporation with earnings and profits of $750,000. Berta is...
Julian, Berta, and Maria own 400 shares, 400 shares, and 200 shares, respectively, in JBM Corporation with earnings and profits of $750,000. Berta is Julian’s sister, and Maria is Julian’s aunt. JBM Corporation redeems all of Julian’s stock for $420,000. Julian paid $200 a share for the stock five years ago. Julian continued to serve on JBM Corporation’s board of directors after the redemption. With respect to the redemption:Answer A.
