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How long does a defendant have to respond to a partition proceeding summons?
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- JSM Corporation has 100 shares of common stock outstanding owned by the following individual shareholders: Joe (30), Sal (40), & Murry (30). Sal is Joe's grandfather, and Murry is not related to either Sal or Joe. The Corporation redeems 20 of Joe's stock for $50,000. Joe paid $1,000 per share for his stock three years ago. The Corporation's E & P was $450,000 on the date of the redemption. Assume that this will not qualify as a "not essentially equivalent to a dividend redemption". Which of the following statements is true?a)Joe will have a basis of $30,000 in his remaining 10 shares of stock.b)Joe will have long term capital gain of $30,000.c)This will not qualify as a disproportionate distribution redemption.d)Joe will have $50,000 of dividend income.