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Petitioner's original shareholders and their respective
shareholdings were:
Shareholder Shareholdings
Daniel A. Bennett 45 shares
William P. Wylie 15 shares
John T. Wylie 15 shares
William W. Robbins 10 shares
James B. Morris 15 shares
Petitioner's original plan to issue 10 shares of stock to
William W. Robbins and 15 shares of stock to James B. Morris was
canceled due to their desire to cease active participation in
petitioner. During petitioner's first year of operations, Mr.
Bennett hired Mr. Sokol as an employee to help him with the
business. On June 29, 1979, Mr. Sokol became a shareholder in
petitioner by purchasing 15 shares of stock from Mr. Bennett and
obtaining 15 treasury shares from petitioner. As a result of
these transactions, Mr. Sokol and Mr. Bennett each became a one-
third shareholder of petitioner. The final one-third was held by
John T. Wylie and his son, William. With the exception of Mr.
Wylie and his son, none of petitioner's shareholders were related
to one another through blood or marriage. On December 31, 1982,
the stock of William P. Wylie and John T. Wylie was redeemed by
petitioner. After that redemption, Messrs. Bennett and Sokol
became equal shareholders in petitioner.
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Last modified: May 25, 2011