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Unformatted text preview: (c) Joe owns 100% of the shares of A Ltd. and his son, Jack, age 20, owns 100% of the shares of B Ltd. B Ltd. markets the products manufactured by A Ltd. Prior to the incorporation of B Ltd., in 1988, A Ltd. marketed its own products. Jack is currently attending the University of Waterloo and thus, his father carries on the day-to-day operations of B Ltd. and makes the necessary business decisions for Jack. (d) Jim and Jane are cousins. They each own 50% of the common shares of A Ltd. A Ltd. owns 100% of the common shares of X Ltd. John, Jim's father, owns 100% of the common shares of B Ltd., as well as preferred shares of X Ltd. valued at $50,000. The value of all the shares of X Ltd. is estimated to be $80,000....
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This note was uploaded on 03/24/2012 for the course ACCOUNTING IAF841 taught by Professor Ganesh during the Spring '12 term at Seneca.
- Spring '12