Miller v. Tax Commission of Wisconsin

Sec. 182.06, Stats., provides :

“No ■ corporation shall issue any stock or certificate of stock except in consideration of money or of labor or property estimated at its true money value, actually received by it, equal to the par value thereof, . . . and all stocks and bonds issued contrary to the provisions of law and all fictitious increase of the capital stock of any corporation shall be void.”

Therefore, the stock received by appellant is presumed to have been worth par or $200,000. There is no dispute but that the note was worth par or $10,000; there is no dispute but that the property…