Meadowlark Corporation Has 1,000 Shares of Stock Outstanding

question 1

Multiple Choice

Meadowlark Corporation has 1,000 shares of stock outstanding.Harvey owns 400 shares; Gabriella (Harvey's cousin) owns 400 shares; and Black Partnership owns 200 shares.Harvey is a 50% partner of Black Partnership.In applying the § 318 attribution rules:

• A)Harvey owns 900 shares.
• B)Harvey owns 500 shares.
• C)Black Partnership owns 300 shares.
• D)Gabriella owns 800 shares.
• E)None of the above.

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