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close corporation
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The federal estate tax on a shareholder's interest in a close corporation can be calculated using a dollar-for-dollar reduction for the capital gains liability of the company, the 11th Circuit has ruled in reversing a deficiency assessment. The decedent in the case owned a 6.44 percent stock interest in a closely held investment holding company. The company had a net asset value of $188 million as of the date of the decedent's death.
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The trial court erred in directing a verdict in a majority shareholders favor, because reasonable minds could differ on whether the shareholders conduct violated his duty to act with the utmost candor and good faith, and whether his failure to so act caused injury to the minority shareholder. The trial court also erred in rendering summary judgment in the majority shareholders favor on claims of conversion and tortious interference. There are genuine issues of material fact regarding whether the majority shareholders actions in dissolving a close corporation were taken for a wrongful purpose, in order to squeeze the minority shareholder out of the corporation and prevent the majority shareholder from being able to practice at area hospitals. Reversed and Remanded for further proce...
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The Arizona Corporation Commission voted on Oct. 5 to close a division office in Southern Arizona as it grapples with funding woes resulting from the governor's budget veto and from legislative inaction to fix the problem. By a vote of 3-to-2, commissioners decided to shut down the Corporations Division office in Tucson but retain its employees. The hope is that once the Legislature restores the division's budget, those employees would return.
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Temporary Restraining Order, Preliminary Injunction, Non-competition clause, shareholder agreement & close corporation agreement
