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Sarah Kern owns 80% of the shares of Kern Ltd. and 5% of the shares of Lorne Inc. Kern Ltd. owns 30% of the shares
Sarah Kern owns 80% of the shares of Kern Ltd. and 5% of the shares of Lorne Inc. Kern Ltd. owns 30% of the shares of Lorne Inc. Sarah's 12 year old daughter owns 25% of the shares of Lorne Inc. There are no other shareholders who own shares in both Companies. Are Kern Ltd. and Lorne Inc. associated? Explain your conclusion.
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Yes Kern Ltd and Lorne Inc are associated companies Definition of associated companies ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
