wife's service on trip found not to be necessary to corporation where petitioner was a closely held family corporation
How later courts described this case
- wife's service on trip found not to be necessary to corporation where petitioner was a closely held family corporation
Written by the judges who cited it.
The opinion
Mulroney, J., dissenting: If the deficiency in Issue 7 is being upheld on the ground of cancellation of an indebtedness I feel no more than one-half of the debt of $331,564.90 was forgiven. The computation in the complicated transaction whereby Alaga acquired Katherine’s stock shows one-half of the debt was subtracted from the admitted proper value of her stock.