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to sell all of the McLaughlin shares (i.e., 24,000 shares) to the
buyers for $83,673.47, and the buyers purchased those 58,800
shares of Burien Nissan stock as follows:
Number of
Buyer Shares Purchased
Mr. Stanford 35,280
Mr. Whitehead 11,760
Mr. Watson 5,880
Mr. Buchner 5,880
Pursuant to the May 25, 1990 stock purchase agreement, as of May
25, 1990, the individuals shown below owned the following number
of shares of Burien Nissan stock, evidenced by the following
Burien Nissan stock certificates,5 which represented the percent-
age of stock ownership in that company indicated below:
Number of Stock Percentage
Stockholder Shares Owned Certificate Number Ownership
Mr. Johnston and
Jacque Johnston1 61,200 8 51.0
Mr. Stanford 35,280 4 29.4
Mr. Whitehead 11,760 5 9.8
Mr. Watson 5,880 6 4.9
Mr. Buchner 5,880 7 4.9
1The parties stipulated that Mr. Johnston owned 61,200 shares of Burien
Nissan stock as of May 25, 1990. That stipulation is clearly contrary to the
facts that we have found are established by the record, and we shall disregard
it. See Cal-Maine Foods, Inc. v. Commissioner, 93 T.C. 181, 195 (1989). The
record establishes, and we have found, that both Mr. Johnston and Jacque
Johnston owned 61,200 shares of Burien Nissan stock as of May 25, 1990.
(We shall refer to any individual who owned Burien Nissan stock
5Although the purchase and sale of Burien Nissan stock
pursuant to the May 25, 1990 stock purchase agreement was ef-
fected as of May 25, 1990, it was not until Aug. 31, 1990, that
Burien Nissan issued the stock certificates evidencing such stock
ownership as of May 25, 1990.
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