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Also, my Federal and State Income Tax withholding
election is applicable to any subsequent distribution
until it is revoked by me under the procedure
established by the custodian. I acknowledge some
states require withholding if Federal withholding is
elected. I also acknowledge that certain fees may be
charged to the account depending on the type of
distribution I have requested. I also acknowledge that
funds must be available for the requested gross
distribution to occur. If you have any questions,
please call your Financial Advisor * * * for details.
Prudential made the requested journal entry as of March 3,
2000, and on March 3, 2000, transferred 155,917 Klever shares
from Olson’s account to petitioner’s account. Prudential valued
these shares at $456,481.14 for purposes of the transfer.
Prudential also in March 2000 transferred $5,228.04 in cash from
Olson’s account to petitioner’s account.1 From March 3 to
December 31, 2000, Prudential included the subject shares and
their value in petitioner’s account and issued to petitioner
statements for that account showing the same with an unexplained
notation “legal documents pending”. The statement for December
2000 lists the total value of the subject shares at $43,468.88 as
of December 31, 2000, and notes that petitioner had a $413,012.26
unrealized loss on those shares as of that date.
A transfer agent acts on behalf of an issuer of securities
to record the owners of those securities. The transfer agent for
Klever stock was Atlas Stock Transfer (Atlas). On October 30,
1 The amount of this cash and the value of the subject
shares total $461,709.19.
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Last modified: May 25, 2011