terric
Dec 19 2003, 12:09 PM
If a person owns 50% of corporation A, 30% of corporation B, and their spouse owns 100% of corporation C - does this constitute a control group through attribution of ownership with corporation c & b?
The two spouses have nothing to do with the other's company - no management control, etc.
Thank you.
curmudgeon
Dec 31 2003, 05:02 PM
I think I need more infomation to answer that. I will assume that the other 50% of A and 70% of B is not owned by the spouse. If the spouse does not have ownership in A or B other than attribution, you wouldn't have a CG. If the spouse is the other owner of A & B, then you may have a situation. The additional information you may want to consider is: What state are they in? Is it a community property state? If they operate in a community prop. state they are deemed to own the others bus. Do they have children under 21? If so, than even with a separate prop. agreement, in a non community prop. state, the kid gets attribution from both of the parents and you have a CG. I would need more details to offer an accurate assessment.
pax
Dec 31 2003, 05:28 PM