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MASCHMEIER v. SOUTHSIDE PRESS, LTD.

No. 87-1102.

435 N.W.2d 377 (1988)

Lawrence L. MASCHMEIER, and Kenneth L. Maschmeier, Individually and as Shareholders of the Southside Press, Ltd., Plaintiffs-Appellees, v. SOUTHSIDE PRESS, LTD., An Iowa Corporation, Kenneth E. Maschmeier, and Charlotte A. Maschmeier, Defendants-Appellants.

Court of Appeals of Iowa.

As Corrected February 10, 1989.

Attorney(s) appearing for the Case

Frank W. Pechacek, Jr. of Smith, Peterson, Beckman & Willson, Council Bluffs, for defendants-appellants.

Michael J. Winter, Council Bluffs, for plaintiffs-appellees.

Heard by DONIELSON, P.J., and HAYDEN and HABHAB, JJ.

HABHAB, Judge.

Defendant Kenneth E. Maschmeier and Charlotte A. Maschmeier created a corporation, Southside Press, Ltd., that did business at 1220 Second Avenue North in Council Bluffs. This building is owned by Kenneth and Charlotte and was leased by them to the corporation.

Kenneth and Charlotte are the majority shareholders, with each having 1300 shares. They are the only officers and directors of the corporation.

They gifted to their two sons,...

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