State v. Porter

It is conceded that the Northwestern Lumber Company is what is known as a close corporation, and that for many years prior to the death of Mrs. Porter there have been no sales of its stock to which reference may be had for the purpose of fixing the market value thereof. Appellant contends that in the absence of a known market value the proper method of establishing the value of corporate stock is by proof of its actual value. 2 Cook, Corp. (5th ed.) § 581; Greer v. Lafayette Co. Bank, 128 Mo. 559, 30 S. W. 319; McDonald v. Danahy, 196 Ill. 133, 63 N. E. 648; Estate of Brandreth, 28 Misc. 468,…