Woodward v. Quigley, No. 1
| Court | United States State Supreme Court of Iowa |
| Writing for the Court | STUART |
| Citation | 136 N.W.2d 280,257 Iowa 1077 |
| Parties | F. W. WOODWARD, F. R. Woodward, M. Jeanne Woodward, and Elsie M. Woodward, F. Robert Woodward, M. Jeanne Woodward and American Trust & Savings Bank, Dubuque, iowa, Trustees of Fred W. Woodward Trust, and Elsie M. Woodward, F. Robert Woodward, M. Jeanne Woodward and American Trust & Savings Bank, Dubuque, Iowa, Trustees of Fred W. Woodward Trustppellants, v. Margaret M. QUIGLEY, Appellee and Cross-Appellant. |
| Docket Number | No. 2,A,No. 1,No. 51390 |
| Decision Date | 30 June 1965 |
Page 280
v.
Margaret M. QUIGLEY, Appellee and Cross-Appellant.
[257 Iowa 1080] Clewell, Cooney & Fuerste, Dubuque, for appellants.
O'Connor, Thomas, Wright, Hammer & Bertsch, Dubuque, for appellee and cross-appellant.
[257 Iowa 1104] STUART, Justice.
Plaintiffs were granted a rehearing upon the original opinion reported at Iowa, 133 N.W.2d 38. They complain that the computation used as an aid in arriving at the real value of defendant's stock overstated such value because the investment income was included in the earnings to which a price earnings ratio was applied and the value of the investment assets was then added to the resulting figure. The point raised is a valid one. It is obvious the value is inflated when the value of the assets and the income therefrom are both used in the same computation. The price-earnings ratio is applied to operating income and it was improper to have included investment income.
The parties agree generally on the gross investment income, but differ as to
Page 281
the amount of income tax which should be deducted to arrive at net investment income. Defendant applied the regular corporate tax rates and plaintiffs applied the reduced rates applicable to the particular type of income, for example, no income tax was deducted from interest on municipal bonds. It is our conclusion that the income tax deducted on Schedule J, referred to in the initial opinion was computed at the actual tax rates applicable. This is the testimony of Mr. McKean appearing on page 117 of the record and is supported by computing the income tax by this method. The average net investment income determined in such a manner was approximately $4700.In resistance, defendant points out that the Visual Education subsidiary, contrary to the statement in our opinion, was in existence during the five year period used and we did not consider either the income or net worth in our computation. While the corporation had not been dissolved, it was not doing business at the time, and the income would not...
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Rigel Corp. v. Cutchall, S-92-336
...In re McLoon Oil Co., 565 A.2d 997 (Me.1989); Woodward v. Quigley, 257 Iowa 1077, 133 N.W.2d 38 (1965), on reh'g 257 Iowa 1077, 136 N.W.2d 280; Hunter v. Mitek Industries, 721 F.Supp. 1102 (E.D.Mo.1989) (applying Missouri law). See, also, Richardson v. Palmer Broadcasting Co., 353 N.W.2d 37......
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MT Properties, Inc. v. CMC Real Estate Corp., CX-91-1054
...Corp. v. Harnett, 564 A.2d 1137 (Del.1989); Woodward v. Quigley, 257 Iowa 1077, 133 N.W.2d 38, modified on other grounds, 257 Iowa 1077, 136 N.W.2d 280 (1965); In re Valuation of Common Stock of McLoon Oil Co., 565 A.2d 997 (Me.1989); Columbia Management, 94 Or.App. 195, 765 P.2d 207; Charl......
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Friedman v. Beway Realty Corp.
...167 Ill.App.3d 449, 118 Ill.Dec. 168, 171-172, 521 N.E.2d 236, 239-240; Eyler v. Eyler, 492 N.E.2d 1071 (Ind.); Woodward v. Quigley, 257 Iowa 1077, 133 N.W.2d 38, 43, mod. 257 Iowa 1077, 136 N.W.2d 280; Matter of McLoon Oil Co., 565 A.2d 997, 1004-1005 (Me.); Rigel Corp. v. Cutchall, 245 Ne......
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Columbia Management Co. v. Wyss
...Richardson v. Palmer Broadcasting Co., 353 N.W.2d 374, 376-377 (Iowa 1984); Woodward v. Quigley, 257 Iowa 1077, 1082, 133 N.W.2d 38, 136 N.W.2d 280 (1965); Moore v. New Ammest, Inc., 6 Kan.App.2d 461, 630 P.2d 167 (1981); [94 Or.App. 200] Sarrouf v. New England Patriots Football Club, Inc.,......
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Rigel Corp. v. Cutchall, S-92-336
...In re McLoon Oil Co., 565 A.2d 997 (Me.1989); Woodward v. Quigley, 257 Iowa 1077, 133 N.W.2d 38 (1965), on reh'g 257 Iowa 1077, 136 N.W.2d 280; Hunter v. Mitek Industries, 721 F.Supp. 1102 (E.D.Mo.1989) (applying Missouri law). See, also, Richardson v. Palmer Broadcasting Co., 353 N.W.2d 37......
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MT Properties, Inc. v. CMC Real Estate Corp., CX-91-1054
...Corp. v. Harnett, 564 A.2d 1137 (Del.1989); Woodward v. Quigley, 257 Iowa 1077, 133 N.W.2d 38, modified on other grounds, 257 Iowa 1077, 136 N.W.2d 280 (1965); In re Valuation of Common Stock of McLoon Oil Co., 565 A.2d 997 (Me.1989); Columbia Management, 94 Or.App. 195, 765 P.2d 207; Charl......
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Friedman v. Beway Realty Corp.
...167 Ill.App.3d 449, 118 Ill.Dec. 168, 171-172, 521 N.E.2d 236, 239-240; Eyler v. Eyler, 492 N.E.2d 1071 (Ind.); Woodward v. Quigley, 257 Iowa 1077, 133 N.W.2d 38, 43, mod. 257 Iowa 1077, 136 N.W.2d 280; Matter of McLoon Oil Co., 565 A.2d 997, 1004-1005 (Me.); Rigel Corp. v. Cutchall, 245 Ne......
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Columbia Management Co. v. Wyss
...Richardson v. Palmer Broadcasting Co., 353 N.W.2d 374, 376-377 (Iowa 1984); Woodward v. Quigley, 257 Iowa 1077, 1082, 133 N.W.2d 38, 136 N.W.2d 280 (1965); Moore v. New Ammest, Inc., 6 Kan.App.2d 461, 630 P.2d 167 (1981); [94 Or.App. 200] Sarrouf v. New England Patriots Football Club, Inc.,......