Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 01 Apr 2018 My Price 4.00

Elton Inc

Elton Inc. has 220,000 common shares outstanding. All of these shares were issued at a price

of $12 per share, for total proceeds of $2,640,000. This is the PUC of the shares.

A dissident shareholder, who acquired his 15,000 shares at a price of $10 per share, has been

a major problem for the Company. To rid itself of the problems associated with this individual,

the Company has offered to redeem his shares at $12.50 per share. This offer has been

accepted.

 

Determine the tax consequences of this redemption to the dissident shareholder.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Apr 2018 06:04 PM My Price 4.00

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