IN RE WHITESIDE ESTATES, INC.

No. COA99-334.

525 S.E.2d 196 (2000)

In the Matter of the Appeal of WHITESIDE ESTATES, INC.

Court of Appeals of North Carolina.

January 18, 2000.


Attorney(s) appearing for the Case

Jones, Key, Melvin & Patton, P.A., by Richard Melvin, Franklin, for Taxpayer appellant.

Parker, Poe, Adams & Bernstein, L.L.P., by Charles C. Meeker, Raleigh, for Jackson County appellee.


HORTON, Judge.

Whiteside Estates, Inc. (Whiteside), is a North Carolina family corporation which owns a 227-acre tract of land near Cashiers in Jackson County, North Carolina. The primary purpose of the corporation, as described in its charter, is the purchase and sale of real estate. All of the stock in Whiteside is owned by the Young family. O.E. Young, Jr., and his wife, Mary Lu Young (the senior Youngs), are the majority stockholders in Whiteside, holding 51%...

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