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50 percent) and George owned the other 25 percent. Additionally,
decedent and his family collectively owned 50 percent of the
Minn-Kota class B common shares (decedent owned 49.6 percent and
his family owned 0.4 percent), and George and his family owned
the other 50 percent. Jody owned 100 percent of the Minn-Kota
class A voting common stock.
After the transfers, decedent's family owned almost 80
percent of Sigco, and George's family owned almost 68 percent of
Minn-Kota. Jody continued to own all of the Minn-Kota voting
common stock.
Before making these transfers, in which decedent transferred
stock valued at $440,467.20 to his brother's family and George
transferred stock valued at $382,140 to decedent's family,
neither brother had ever transferred any Sigco or Minn-Kota stock
to the other's family. George transferred 540 shares of Minn-
Kota stock to decedent's son, Jay, on December 18, 1996, January
2, 1997, and January 2, 1998.6 The value of the stock in each of
these transfers was $19,926. George made no transfers of stock
to any other members of decedent's family during this time.
6The parties stipulated that George made no transfers of
stock to decedent's children after 1995. However, the parties
agree that stipulation is incorrect and that George made these
transfers to Jay at these times.
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Last modified: May 25, 2011