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Pacific Corporation’s stock is owed as follows:Adam, an individual40Betty, Adam’s sister40Louis, Adam’s son20Total shares100Pacific Corporation...

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Accounting

Pacific Corporation’s stock is owed as follows:

Adam, an individual40
Betty, Adam’s sister40
Louis, Adam’s son20
Total shares100

Pacific Corporation redeems 40 of Adam’s shares. Adam wants to continue to work for Pacific Corporation part-time for the next two years.

Will the redemption qualify under Section 302? Explain your answer.

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