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Art, Betty, and Cora are equal partners in ABC Partnership. ABC Partnership and Betty are the only two shareholders in Angel, Inc., with direct ownership
Art, Betty, and Cora are equal partners in ABC Partnership. ABC Partnership and Betty are the only two shareholders in Angel, Inc., with direct ownership of 60% and 40%, respectively. Based upon the constructive-ownership rules for stock redemptions, what are ABC's and Betty's percentages of constructive ownership of Angel? ABC Betty A. ABC 100% Betty 40% B. ABC 100% Betty 100% C. ABC 100% Betty 60% D. ABC 60% Betty 60%
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