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Business Planning Keyed to Gevurtz
Curtis v. Campbell
Citation:
336 S.W.2d 355 (1960)Facts
In 1945, T.H., Alva, George, and Jennie Campbell formed a partnership to operate a mercantile business, with each holding a one-fourth interest. Jennie Campbell was not active in the business operations. The partnership agreement provided that upon dissolution, surviving partners would have the right to purchase a deceased partner’s interest based on the “true and correct financial condition” of the partnership, plus accrued earnings and “a fair allowance for good will.” When Jennie Campbell died in 1952, the surviving partners continued operating the business and offered to purchase her interest based on book values shown on a balance sheet prepared by their accountant. This valuation included arbitrary depreciation deductions that significantly reduced the stated value of partnership assets and assigned no value to good will, despite the business having been highly profitable. The estate of Jennie Campbell contested this valuation method, arguing it did not reflect the fair value of her interest.
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