Jax was incorporated in 2000 with 2,500 shares of common stock at a par value of $100 per

Jax was incorporated in 2000 with 2,500 shares of common stock at a par value of $100 per share authorized. Twenty-two hundred shares of Jax stock have been issued and are outstanding. From 2000 through 2005, Jax has incurred net operating losses totaling $80,000. At the end of 2006, the corporation had net earnings of $25,000 for the year. The Jax board of directors, consisting of A, B, and C, met on March 1, 2007 and unanimously voted to declare a cash dividend of $10 per share on outstanding stock.

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