The Monroe Partnership has two partners Amy and Claire. Each partner has a

50% interest in the partnership. Amy also owns 80% of the stock (80 shares) of the

Zena Corporation. The other 20% (20 shares) of Zena are owned by Wendy who is

not related to Amy or Claire. Based on these facts, the Monroe partnership will be

deemed to own _____________ shares of Zena and Claire will be deemed to own

___________ shares of Zena.

		a. 80 shares, 80 shares.
		b. 20 shares, 20 shares.
		c. 80 shares, 20 shares.
		d. 80 shares, zero shares.
		e. none of the above.

Erin and Mark are married. Veronica is Marks mother. Erin owns 50 shares of stock in the DONAT Corporation. Mark is deemed to own ________________ shares of DONAT Corporation and Veronica is deemed to own ____________________ shares of DONAT Corporation.

		a. 50, 50
		b. zero, zero
		c. zero, 50
		d. 50, zero

Which of the following entities can receive sale treatment on a distribution in redemption of their stock when the distribution is considered to be received in partial liquidation?

		a. All noncorporate shareholders.
		b. All corporate shareholders.
		c. Corporate shareholders owning more than 50% of the redeeming corporations stock.
		d. a and b.
		e. a, b, and c.