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Cardinal Corporation has 1,000 shares of common stock outstanding. John owns 300 of the shares, John's grandfather owns 200 shares, John's daughter owns 300 shares, and Redbird Corporation owns 200 shares. John owns 60% of the stock in Redbird Corporation. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of 318?

a) 300

b) 600

c) 720

d) 800

e) None of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M938445

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