Legal Opinion
Lien v. McGladrey & Pullen
South Dakota Supreme Court
Decided December 15, 1993No. 18220PublishedCited by 38 opinions
1Opinion of the Court
SABERS, Justice.
A sole-shareholder of construction company was taxed as a result of a corporate redemption of preferred stock claimed to be based upon advice received from accounting firm. Jury found firm liable for professional negligence. Firm appeals. We reverse and remand on damages.
FACTS
In 1981, Tom Lien Construction, Inc. (Lien Construction)1 issued 2,400 shares of preferred stock to Tom Lien (Lien). Lien Construction redeemed Lien’s preferred stock in 1985 in exchange for cancellation of Lien’s personal debt to the corporation. Lien claims the redemption was done on the advice of his…
2Cases cited12 opinions
- Budd v. NixenCalifornia Supreme Court · 1971
- Thomas Polk v. Ford Motor Company, Ethel Lee Marshall, Guardian v. Ford Motor CompanyCourt of Appeals for the Eighth Circuit · 1976
- Halla Nursery, Inc. v. Baumann-Furrie & Co.Supreme Court of Minnesota · 1990
- Linck v. Barokas & Martin, R.R.Alaska Supreme Court · 1983
- Thomas v. ClearyAlaska Supreme Court · 1989
7 more not listed; retrieve them via the Exa API.
3Cited by38 opinions
- Kobbeman v. OlesonSouth Dakota Supreme Court · 1998
- Muhlenkort v. Union County Land TrustSouth Dakota Supreme Court · 1995
- Setliff v. AkinsSouth Dakota Supreme Court · 2000
- Fisher Sand & Gravel Co. v. State Ex Rel. South Dakota Department of TransportationSouth Dakota Supreme Court · 1997
- RTR Technologies, Inc. v. HelmingCourt of Appeals for the First Circuit · 2013
33 more not listed; retrieve them via the Exa API.