- 4 - $18,204, respectively. The adjustments to income for both years resulted from the reduction of the claimed deduction for the 1994 contribution of Sealodge stock from $720,000 to $360,000. Sealodge Sealodge was incorporated in Florida in July 1987. Sealodge’s stock was never publicly traded or listed on a public exchange. Debra Alexander received her 10-percent interest in Sealodge from William Alexander in December 1990. This was the sole transfer of Sealodge’s stock prior to the transfers of Sealodge stock to MRDF on December 19, 1994. The bylaws of Sealodge restricted the transfer of the corporation’s stock as follows: a. Sealodge’s stock was nontransferable through sale or otherwise without the prior approval of the corporation; b. Sealodge reserved the right to deny a transfer of the corporation’s stock; and c. Sealodge reserved the right to purchase or refuse to purchase the stock of any shareholder who desired to transfer his or her stock. At all relevant times, Mr. Koblick and Dr. Monney were the sole directors and officers of Sealodge. Mr. Koblick was the president and treasurer of Sealodge; Dr. Monney was the secretary.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011