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Business Planning Keyed to Gevurtz
Alves v. Commissioner
Citation:
734 F. 2d 478 (1984)Facts
In 1970, Lawrence Alves joined General Digital Corporation as vice-president for finance and administration. As part of his employment agreement, he purchased 40,000 shares of common stock at ten cents per share, which was stipulated to be the full fair market value at that time. One-third of the shares were unrestricted, one-third were subject to repurchase by the company at the purchase price if Alves left within four years, and one-third were subject to similar repurchase if he left within five years. The restrictions were imposed to ensure key personnel would remain with the company. Alves did not make a Section 83(b) election when he received the restricted stock. When the restrictions lapsed in 1974 and 1975, the stock had appreciated in value. The Commissioner determined that Alves should have included the appreciation as ordinary income in those years pursuant to Section 83(a).
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