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Petitioner did not directly own any inventory. As of June 26,
1993, the accumulated LIFO reserves of the affiliated group were
$5,077,808 (pre-S-election LIFO reserves).
From January 29, 1970 (the date of incorporation), until June
27, 1993, petitioner was a C corporation. As of June 27, 1993, the
equity and voting interests in petitioner were held as follows:
Shareholder Ownership Interest Voting Interest
Luther Coggin 55.0% 78%
Harold O’Steen 22.5 11
Howard O’Steen 22.5 11
Luther Coggin was petitioner’s president and chief executive
officer; Harold and Howard O’Steen (collectively, the O’Steens)
were vice presidents of petitioner. Mr. Coggin and the O’Steens
were also the three directors of petitioner. The O’Steens did not
assume an active managerial role in petitioner’s operations.
On January 2, 1996, the O’Steens sold their stock interests in
petitioner for $30,025,000 pursuant to a redemption and purchase
agreement.
Coggin Pontiac-GMC
Coggin Pontiac-GMC began its operations in 1968; initially,
its operations were conducted through Coggin Pontiac, Inc. Before
June 21, 1993, Coggin Pontiac, Inc., owned the assets of its
dealership, including the franchise rights.
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