Pelton Steel Casting Co. v. Department of Taxation

Two of the stockholders of Pelton Steel Casting Company, owning 80 per cent of its common stock desired to sell their stock. The other stockholder, Allen Slichter, desired to continue the business under the then-existing management. He testified:

“I live in Milwaukee, Wisconsin. My occupation is president of the Pelton Steel Casting Company. I have been president of this company since 1948, and before' that time had been an officer of the company since its inception on December 1, 1925. Prior thereto, I was employed by its predecessor. Pelton Steel Casting Company is a Wisconsin corporation…