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The Case Of Carol Read And William Read Owned Mulberry Motor Parts, Inc.
201 Words1 Page
Facts Carol Read and William Read Owned Mulberry Motor Parts, Inc.(MMP) together when they were married. They got divorced in 1985, and their divorce agreement required that the Ms. Read transfer all her stock to Mr. Read or to MMP at his election. On February 5, 1986, Ms. Read transferred all her stock to MMP and the selling price was $838,724. MMP provided her with $200,000 by check and issued to her “an installment promissory note in the amount of $638,724 and bearing 9% annual interest” page8 Ms. Read reported the interest income from the installment promissory note in her 1988, 1989, and 1990 tax returns. However, she did not report any principal income from the stock transfer transaction in her tax return. Mr. Read also
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