Reference no: EM132514530
Question - Hendrix Corporation has 8,000 shares of common stock outstanding. Casey owns 3,500 shares, Casey's granddaughter owns 800 shares, Casey's father owns 1,000 shares, and Casey's niece owns 900 shares. In addition, Marsh Corporation owns 1,400 shares. Casey owns 90% of the stock in Marsh Corporation.
a. Applying the § 318 stock attribution rules, Casey constructively owns _______________ shares in Hendrix Corporation.
b. If Casey owned 40% of the stock of Marsh Corporation, then he would constructively own _________________ shares in Hendrix Corporation.
c. Assume the same facts as in (a) above, but in addition, Casey owns a 30% interest in Keene Partnership. Keene owns 500 shares in Hendrix Corporation.
How many shares does Casey own, directly and indirectly, in Hendrix Corporation?
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