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John died on March 10, 1955, and his 74 shares passed
through his residuary estate to the John F. Haffner Trust (John’s
Trust). John’s Trust benefited his and Emma’s five grandchildren
(the grandchildren); namely (in order from oldest to youngest),
Haff, Jolyne H. Boyle (Jolyne), John Haffner Fournier (JH), Susan
H. Baker-Spruce (Susan), and Richard Haffner Fournier (Richard).
John’s Trust provided that its principal and accumulated income
would be distributed in equal amounts to each living grandchild
when the youngest grandchild turned 21. Richard, the youngest
grandchild, turned 21 on February 20, 1965. John’s will provided
that he had “purposely omitted a direct bequest to my daughter,
Louise H. Fournier, because of provisions made for her during my
lifetime” (e.g., his transfer to her of a majority of
petitioner’s shares). John intended through his testamentary
scheme that Louise would be petitioner’s majority shareholder and
that each grandchild would be a minority shareholder.
Louise and her husband, Emile, were named in John’s will as
executors of John’s estate, and they were formally appointed to
that position by the Probate and Family Court Department of the
Commonwealth of Massachusetts (probate court). Louise and Emile
also were named trustees of John’s Trust.
On December 20, 1956, petitioner recapitalized, doubling the
number of voting shares held by each shareholder and issuing to
each shareholder an additional 4 nonvoting shares for each voting
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