- 37 -
holding an aggregate of 163,182,028 shares of common stock. The
4,511,738 shares of OPL owned by petitioner represented 2.67
percent of the 168,870,300 shares in OPL on December 31, 1984.
During the years in issue, restrictions applied in the event
an OPL shareholder wanted to sell shares of OPL. No outstanding
shares of OPL capital stock were transferable, except by gift or
inheritance, unless the shares were first offered for sale to
petitioner at the lower of the net book value of the OPL stock or
at the price and terms at which the OPL stock was offered to the
proposed transferee. OPL shareholders were required to notify
petitioner's treasurer of the number of shares proposed to be
sold, the proposed price per share, the name and address of the
proposed transferee, and the terms of the proposed sale and
provide a statement of the proposed transferee that the
information contained in the notice was true and correct. OPL
shareholders had the right to pledge OPL stock but were not
allowed to transfer the stock upon foreclosure without
petitioner's having first been offered the option to purchase the
stock.
2. 1984 and Years Following
a. General
For the taxable year ending December 31, 1984, excess value
amounts billed to regular shippers and collected from other
shippers were not included in petitioner's reported taxable
Page: Previous 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 NextLast modified: May 25, 2011