David Church, Sarah Williams and Edna Mitchell are partners in a carpeting sales and installation business incorporated under the name Mountain Carpets Ltd. The company began operations on January 1, 2021. David Church and Sarah Williams each loaned the company $10,000 cash and Edna Mitchell loaned the company $30,000 cash. Additionally, David Church contributed 100 Royal Bank shares with irrevocable election as a loan to the company. On January 1, 2021, the share price of Royal Bank was at $100 per share. Sarah Williams also contributed office equipment and a small warehouse building which were appraised at $5,000 and $25,000 respectively as of January 1, 2021.

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