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stock," and a 25-percent interest in two (2) car washes. The
court then further decreed that it "awarded [to Eugene], as
division of property, the following assets: 1. Forty-five
percent (45%) of any and all proceeds derived from the sale of
Plaintiff's [Eugene's] shares of stock in Defendant Maintenance
Unlimited, Inc." (Emphasis added.)
Plainly, the court was providing for a division of the
assets of the marriage. And it is obvious that it cast the
provisions of the decree in terms of percentages of the proceeds
of sale of Eugene's stock interest in MUI rather than in terms of
percentages of the stock itself because there was outstanding a
buy-sell agreement between Eugene and his brother, Joseph. But
the substance of the decree, in providing for the division of
property, was to award Linda 55-percent ownership of the stock.
That this is so is supported by the following provision in the
in-court agreement between Eugene and Linda as incorporated in
the divorce court's decree:
IT IS FURTHER ORDERED, ADJUDGED AND DECREED that
in the event that the sale of Plaintiff's business
interests as set forth hereinabove constitutes a
taxable event, Plaintiff and Defendant Linda D.
Friscone shall each be liable and responsible for
payment of any such taxes due in proportion to the
share of the proceeds that each receives; and,
accordingly, Plaintiff shall be responsible for payment
of forty-five percent (45%) of any such tax so
generated, and Defendant Linda D. Friscone shall be
responsible for the payment of fifty-five percent (55%)
of any such tax so generated.
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