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1990, Ms. Burton was president, Denovan was vice president, and
Mr. Burton was secretary and treasurer, of petitioner.
Immediately prior to Max Burton’s death, the outstanding
shares of petitioner were owned as follows:
Owner Shares Owned
William Mueller 500
Max Burton 7,300
Linda Burton 500
Alfred Burton 1,100
Robert Denovan 600
Total 10,000
The 500 shares of stock owned by William Mueller were redeemed by
petitioner for $5,000 during the tax year ended June 30, 1990.
As of June 30, 1990, the outstanding shares of petitioner were
owned as follows:
Number of Percentage of
Shares Held Shares Held
Linda Burton 1,100 44%
Alfred Burton 1,100 44%
Evelyn Burton 150 6%
Robert Denovan 150 6%
In November 1985, Max Burton was diagnosed with cancer. He
underwent chemotherapy and surgery. During his illness,
petitioner’s business, as described by Ms. Burton, “pretty much
ran itself.” Attempts to sell the business had been
unsuccessful, and Max Burton was anxious to have the business
continue. Max Burton spoke to Ms. Burton, Mr. Burton, and
Denovan about continuing the business. Ms. Burton was initially
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