Young v. Young

This dispute concerns the ownership of stock in a closely held corporation. It turns on the law of inter vivos gifts.

In the 1930’s, Lehman H. Young, Sr. (Young, Sr.), established a printing business in Fairfax County known as The Virginia Press. He was sole owner of the business and operated it as a sole proprietorship for about 33 years. In 1970, Young, Sr., formed a corporation, The Fairfax Printers Inc., to which he contributed all the assets of the printing business in exchange for all the shares (405 shares) of originally issued Class A voting stock. Later, Young, Sr., transferred most…