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ARTICLE FOUR
The purposes for which this corporation is
formed are: To construct, buy, sell, trade,
lease, rent or otherwise engage in the obtaining
of residential and commercial property of any
kind as an investment by holding for resale or
to lease or rent at a profit. To engage in the
construction or destruction of any such building.
To engage in any business enterprise of a
retail or wholesale nature that may be operated
from or in any of the real estate owned by the
corporation or any other business enterprise
lawful in the State of Oklahoma, and to hold
title in its own name of real estate used or to
be used in the lawful business of the corporation
and to do all things necessary to carry out the
purposes of this corporation.
During the years in issue, there were 2,000 shares of
petitioner's stock outstanding. All of the stock was owned
by Mr. Charles McKelvey, his wife, Lilly, and his daughter,
Kay, as follows:
Mr. Charles McKelvey 1,800 shares
Ms. Lilly McKelvey 160 shares
Ms. Kay McKelvey 40 shares
During the years in issue, Mr. McKelvey was petitioner's
president. His wife was petitioner's secretary and
treasurer, and his daughter was vice president. They
also composed petitioner's board of directors.
On January 1, 1977, Mr. McKelvey transferred nine
pieces of real estate to petitioner in exchange for stock
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Last modified: May 25, 2011