People ex rel. Neisel v. Gilchrist

In January, 1920, relator received 1,400 shares of stock of the Funk & Wagnalls Company, a West Virginia corporation, as a gift from her husband. At that time the par value was $10 and the adjusted book value $69.05 per share. On December 30, 1922, the stockholders of the corporation exchanged their shares therein for stock of the Funk & Wagnalls Company of Delaware, a corporation organized to take over its business, and *651each stockholder received one share of stock, no par value, of the Delaware corporation and $50 in cash for each share owned in the West Virginia corporation. Just before the…