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Chapter 28-5. C.E. Stumpf & Sons, Inc., was formed to conduct a masonry and general...

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Accounting

Chapter 28-5. C.E. Stumpf & Sons, Inc., was formed to conduct a masonry and general contracting business. The corporation was owned in equal shares by Stumpf and his two sons, who had previously operated the same business as partners. Hostility between the two sons grew so extreme that one, Donald, ended contact with his family and was allowed no say in the operation of the business. After Donalds withdrawal from the business, he received no salary, dividends, or other revenue from the company. He brought suit seeking involuntary dissolution of the corporation. Should the court of appeals of California uphold the trial courts dissolution order? Why or why not? [See: Stumpf v. C.E. Stumpf & Sons, Inc., 120 Cal. Rptr. 671 (CA).]

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