Zero Corp. is an investment company authorized to issue only common stock. During the last half of the current year, Edwards owned 450 of the 1,000 outstanding shares of stock in Zero. Another 350 shares of stock outstanding were owned, 10 shares each, by 35 shareholders who are neither related to each other nor to Edwards. Zero could be a personal holding company if the remaining 200 shares of common stock were owned byA) An estate where Edwards is the beneficiary.
B) Edwards's brother-in-law.
C) A partnership where Edwards is not a partner.
D) Edwards's cousin.
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