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LIEN v. McGLADREY & PULLEN

No. 18220.

509 N.W.2d 421 (1993)

Thomas E. LIEN and Judith J. Lien, Plaintiffs and Appellees, v. McGLADREY & PULLEN, Defendant and Appellant.

Supreme Court of South Dakota.

Decided December 15, 1993.

Rehearing Denied January 20, 1994.

Attorney(s) appearing for the Case

Glen H. Johnson, Johnson Huffman P.C., Rapid City, for plaintiffs and appellees.

Allen G. Nelson, Bangs, McCullen, Butler, Foye & Simmons, Rapid City, Michael J. Bleck, Oppenheimer, Wolff & Donnelly, Minneapolis, MN, Richard L. Miller, Jr., McGladrey & Pullen, Chicago, IL, for defendant and appellant.

SABERS, Justice.

A sole-shareholder of construction company was taxed as a result of a corporate redemption of preferred stock claimed to be based upon advice received from accounting firm. Jury found firm liable for professional negligence. Firm appeals. We reverse and remand on damages.

FACTS

In 1981, Tom Lien Construction, Inc. (Lien Construction)1 issued 2,400 shares of preferred stock to Tom Lien (Lien). Lien Construction...

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