A non-stock corporation was created and operated by Ana, Bena, Carla, Dolly, and Erica. After 10 years of operation, Ana, Bena, Carla, and Dolly surrendered their shares to Erica. Erica became the sole owner of the Corporation. Erica wants to convert the Corporation into a ONE PERSON CORPORATION. Is Erica allowed by law to convert the corporation to ONE PERSON CORPORATION? Yes or No? Explain.

A non-stock corporation was created and operated by Ana, Bena, Carla, Dolly, and Erica. After 10 years of operation, Ana, Bena, Carla, and Dolly surrendered their shares to Erica. Erica became the sole owner of the Corporation. Erica wants to convert the Corporation into a ONE PERSON CORPORATION. Is Erica allowed by law to convert the corporation to ONE PERSON CORPORATION? Yes or No? Explain.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 56P

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