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the sole function of which has been to hold shares of LPP. LPP
utilized June 7, 1999, as the date of termination of its S
corporation status.
Louisiana Court of Appeal Decision
The first Louisiana litigation ended with an unpublished
opinion by the Louisiana Court of Appeal,9 affirming the decision
of the Louisiana (Rapides Parish) District Court that petitioner
did, in fact, purchase 19 shares of LPP stock from Julian E. in
1986. The Court of Appeal stated:
Linda could not remember what each document was
entitled nor the terms of the [1986] sale [of 19 shares
of LPP stock to her and 19 shares to Julian W.], other
than to say that the consideration for the sale would
come in the form of payments to Julian E. from the
corporation.
Petitioner’s October 2, 2000, Affidavit
In connection with the first Louisiana litigation,
petitioner executed an affidavit in which she made the following
representations:
On September 23, 1986, Julian Edward Long sold 38
shares of stock, in equal amounts, to affiant and
Julian W. Long. They signed an Act of Sale, promissory
notes and stock certificates to this effect.
* * * * * * *
Thereafter, consideration for the sale of the stock was
paid to Julian Edward Long monthly out of the profits
of the corporation in the form of cash, house payments,
car payments, payments on all monthly expenses and
credit card bills, and other payments. * * *
9 Minton v. Long’s Preferred Prods., Inc., supra.
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