C owns 60 shares and d owns 40 shares of z corporation

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C owns 60 shares and D owns 40 shares of Z Corporation, representing all of the outstanding shares. C and D are otherwise unrelated individuals. C sells all of the Z stock to D for $600 in cash and $3000 in notes payable over a 20 year period. Z pays off D's note as payments fall due.

Reference no: EM13577635

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