A corporation has 10 shareholders. Nine of the shareholders own 9 percent each of the stock. The

Question:

A has 10 shareholders. Nine of the shareholders own 9 percent each of the stock. The tenth shareholder owns the remaining stock. Does the meet the shareholder test as a personal holding company? Explain.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...