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NOW, THEREFORE, Sellers and Purchaser agree as
follows:
That the partnership known as Mack, Moosbrugger,
Ohlsen & Dvorak consists of the following enumerated
assets:
1. Building and Parking Lot located at 219 South
Third Street, Grand Forks, North Dakota;
2. Work in progress including contingency fee
files;
3. Accounts Receivable;
4. Office Equipment and Furniture;
5. The good will, name and reputation of the firm;
6. Accounts Payable denominated as a Purchase
Agreement attached hereto as Exhibit A.
Sellers and Purchaser herein agree that Purchaser
shall pay unto Sellers the sum of $36,000.00 for a
twenty-five (25) percent share in the above-named
partnership, which will result in ownership of the
partnership as follows:
John H. Moosbrugger - 25 percent
Richard A. Ohlsen - 25 percent
Shirley A. Dvorak - 25 percent
Ralph Carter - 25 percent.
After petitioner left the law partnership, the other
partners completed the cases petitioner began but was unable to
complete. Petitioner received payments from the law partnership
in the amounts of $36,051.54, $20,320.73, and $24,840, for the
taxable years 1987, 1988, and 1989, respectively.
On their 1987 Federal income tax return, petitioners
indicated that $28,870 of the income received from the law
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