4
worked at Cattle King until Stanko closed it in 1984. Stanko
also owned stock in Butch’s Cattle Co. and Jackson Feeders.
Sugar Valley Export Co., Inc. (Sugar Valley), was a wholly
owned export subsidiary of Stanko Packing incorporated in 1979.
Before 1984, Sugar Valley elected to be taxed as a domestic
international sales corporation (DISC). Stanko Packing's basis
in its Sugar Valley stock was $61,006 on the date when Stanko
Packing is deemed to have received a distribution from Sugar
Valley of its previously untaxed accumulated income.
2. Stanko's Indictment for Violation of Federal Meat
Inspection Act
In April 1984, Stanko was indicted on 15 counts of violating
the Federal Meat Inspection Act, ch. 404, 56 Stat. 351 (1942)
(current version at 21 U.S.C. sec. 661(c) (1994)).
3. Concepcion Giove Suit Against Stanko, et al.
On May 30, 1984, Concepcion Giove (Giove) filed an action
against Stanko and Henry Stanko, Cattle King Packing Co., and
others in the U.S. District Court for the District of Colorado.
She alleged that the defendants had violated her rights under
title VII of the Civil Rights Act of 1964, as amended, Pub. L.
88-352, 78 Stat. 241, 253 (now at 42 U.S.C. sec. 2000e-2 (1988)).
Giove v. Cattle King, Inc., Civil No. 84-C-1096.
4. The Sale of Stanko Packing Assets to Packerland and the
Packerland Note
On June 14, 1984, Stanko Packing adopted a plan of complete
liquidation. On July 16, 1984, Packerland Packing Co., Inc.
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