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Question 93: John and Sue are married to each other. John owns 200 of the 1,000 outstanding shares of ABC Company. Sue owns 500 shares of ABC Company. I know John is deemed to own Sue's stock, and she is deemed to own his stock, for controlled group purposes. Do the two of them own 1,400 shares (140% of the company!) after considering attribution, or just 700 shares? | |||||||||||||
Answer: The attribution rules don't double the shares. Either spouse can be treated as owning the stock, but there's still the same number of shares. So, either of them can be treated as owning the 700 shares (or they can somehow be divided between them), but the total they own, even after attribution, is still 700 shares.
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Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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