Constitution Free Zone
In article ,
Ashton Crusher wrote:
How many (or few) owners does it take for the ruling to apply? If
it's mom and pop I guess that makes discrimination ok but what if
it's Mom and her third cousin plus a step daughter and one's catholic,
one's Lutheran and one's Hindu?
I wasn't able to get a real clear idea of that in that the opinion
just said "closely held". That is defined by theIRS as having at least
50% of the value of the stock held 5 or fewer (as with everything else
government related there are some other things that apply, but that
answers your questions. Since the Court did not suggest another
definition, I would suspect that one would be operative.
As for the other, that would be corporate decision so 50% of
voting shares, however that works out. If Dad owns enough shares he can
tell Mom, third cousin and the step daughter to get bent. Just like he
could have on any other corporate governance issue.
--
"Statistics are like bikinis. What they reveal is suggestive,
but what they conceal is vital."
-- Aaron Levenstein
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