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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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Do you have any contact information that I can talk to you ...

Customer Question

Do you have any contact information that I can talk to you directly or do I have to only talk to you by e-mailing? Are you guys open during the weekends in case I do have questions that I need to be answered soon? Can you e-mail me what are your price ranges when it comes to solving problems?
Submitted: 9 years ago.
Category: Tax
Expert:  MequonCPA replied 9 years ago.

Dear Hugo -

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Customer: replied 9 years ago.
Hello Steve, I will appreciate all the help I can get on this Tax Acc problem.
Four unrelated shareholders own Benton Corporation's 400 shares of outstanding stock. Benton redeems 100 shares for $500 per share from the shareholders as shown below. Each shareholder has a $230 per share basis in his or her stock. Benton's current and accumulated E&P at the end of the tax year is $150,000.
               Shares Held       Shares
Shareholder    Before the
               Redemption       Redeemed
Ethel             200             40
Fran              100             30
Georgia            50             30
Henry              50             -0-
Total             400            100
a. What are the tax consequences (e.g., basis of remaining shares and amount and character of recognized income, gain, or loss) of the redemptions to Ethel, Fran, and Georgia?
b. How would your answer to Part a change if Ethel is Georgia's mother?
Customer: replied 9 years ago.
Hi Steve,
How Long Should I Wait To Hear Back?