- 39 -
organization is substantially similar. The most striking fact in
both cases is that, notwithstanding the personal desires of the
shareholders, the demonstrable economic benefit of such advances
accrued to legally distinct entities, and the distributions in no
way satisfied the personal obligations of the shareholders or
their families.
Based on the above discussion and in light of all of the
evidence in the record, we hold that the Laniers are not in
receipt of a constructive dividend as a result of the $13,000
transfer by the Corporation to the Committee.
We have considered all of the other arguments made by the
parties, and, to the extent we have not addressed them, find them
to be either irrelevant or without merit.
To reflect the foregoing and the issue previously conceded,
Decisions will be entered
under Rule 155.
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