- 4 - issued 30,000 shares of common stock with a par value of $1 per share. On June 29, 1984, petitioner bought 3,000 shares of J.K. Apparel stock for $3,000. The owners of J.K. Apparel's shares were as follows: Number of Percentage of Cost Shareholder shares purchased shares purchased basis Arlene Karp 12,000 40% $12,000 Henry Jacobs 12,000 40 12,000 Petitioner 3,000 10 3,000 Raymond Waters 1,500 5 1,500 John Waters 1,500 5 1,500 Total 30,000 100 30,000 On August 23, 1984, J.K. Apparel opened its first one price women's clothing store in South Carolina. 2. One Price Clothing Stores, Inc. In 1985, petitioner and the other shareholders of J.K. Apparel decided to change the name of the corporation and to reincorporate in South Carolina. On August 28, 1985, One Price Clothing Stores, Inc. (the original One Price), was incorporated in South Carolina. On August 30, 1985, J.K. Apparel merged into the original One Price. The original One Price was the surviving corporation. As part of the merger, the shareholders of J.K. Apparel received 10 shares of original One Price common stock for each of their shares of J.K. Apparel. Thus, petitioner received 30,000 shares of original One Price common stock in exchange for his 3,000 shares of J.K. Apparel stock.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
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