Which owns and operates two motels under the name

Reference no: EM133608814

Question: Mary Gold owns all of the outstanding stock of RL4, Inc. which owns and operates two motels under the name "Rooms-4-Less". Mary is a widow and has four unmarried adult children. Each motel is a 100 unit building that rents to vacationers on a heavily traveled interstate highway. RL4 has no other source of income other than the gross rents from the motels. Mary formed RL4 twelve years ago by contributing $1,000,000 in cash for all of the RL4 stock. Five years ago, in order to reduce her potential estate tax, she gifted 40% of her RL4 stock to her four children. Since that time, RL4 has suffered operating losses as a result of intense competition from other motel chains. Mary and the four children have recently sold their stock to another motel operator for a total price of $600,000.

Reference no: EM133608814

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