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Identify the relevant tax issues for Tammy and Willy

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Problem - Tammy and Willy own 40% of the stock of Roadrunner, an S corporation. The other 60% is owned by 99 other shareholders (all are single and unrelated). Tammy and Willy have agreed to a divorce and are in the process of negotiating a property settlement.

Required -

a. Identify the relevant tax issues for Tammy and Willy.

b. The divorce resulted in the Roadrunner stock being distributed equally to Tammy and Willy. Do these developments change the S status of Roadrunner?

Reference no: EM132649384

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