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• W1577884292 abstract "CASE DESCRIPTION The primary subject matter of this case involves the agency relationship between Steve Shelton, a fiduciary (the accountant) and his client and friend, Paul Jameson, Paul's son, Jim Jameson, has brought a lawsuit against Paul and Steve, because of his dissatisfaction with the recent sale of his property. Secondary issues include gratuitous agent issues, agent liability, and confidential relationship liability. The case has a difficulty level appropriate for undergraduate Business Law or Accounting courses. The case can be taught in 1-2 class hours, depending on the desired detail level for the discussion. It should take approximately one hour of outside preparation by students. CASE SYNOPSIS Jim Jameson, former president of CPEC Pipeline and Equipment Corporation (CPEC) has brought an action against his father and his father 's accountant. His father, Paul, is the 100% owner of CPEC, and has arranged the sale of the business to a third party for $65 million. One year earlier Jim 's employment as CPEC president had been terminated for alleged mismanagement. After Jim 's termination Paul resumed duties as president of CPEC during the structuring of the sale of the business. Following his termination, but prior to the sale of CPEC Jim was paid $3.8 million by CPEC (at his father's direction) for a parcel of land Paul had essentially given to Jim five years earlier. The fair market value of the land at the time of this transaction was about $1.2 million. The purpose of the purchase in excess of the actual value was to transfer an inheritance of sorts to Jim while avoiding the tax consequences of a gift tax. The burden of the tax was then Jim 's, a further irritating aspect of the transaction. Following the sale of CPEC Jim now claims the $3.8 million he received for the land did not represent an amount acceptable for an inheritance. Jim also felt that the land was of substantially higher value to the firm, and that the sale of the business was somehow tied to the inclusion of the land. His conclusion was that the land is actually worth substantially more than the $3.8 million he was paid. Interestingly, if Jim 's conclusion is correct, then the amount paid does not exceed the value of the land, and there would be less suspicion of a fraudulent avoidance of taxes by Paul. If Jim is wrong in his conclusion, Paul and the firm would be suspected of fraudulent avoidance of taxes, but would have greater wealth to offer the firm 's purchaser. The main question addressed by the case is whether Steve, the accountant for CPEC, owes a fiduciary duty to Jim in connection with this land sale. BACKGROUND The Jameson family lived in Dallas, Texas. Paul Jameson worked as a welder. Paul and his son Jim Jameson have always had a volatile relationship. Paul divorced Jim's mother when Jim was very young. Jim Jameson was raised by his mother in Oregon. Shortly before high school the family moved back to Dallas, Texas. While his son lived in Oregon, Paul Jameson built a successful business from the ground up. Paul had spent years growing and developing product lines and customers. The work was time consuming and Paul had little time for anything but work. After Jim's arrival back in Dallas, his father tried to mend their broken relationship. After high school graduation Paul offered Jim a job a CPEC. Jim began his career as a floor sweeper. It was Paul's dream that Jim would start at the bottom and work his way up the ladder. Someday he hoped that Jim would take over the company. Through time Jim advanced in the company. He became vice president of marketing and client development. Later, Paul had a health problem that required him to take time away from CPEC. Paul turned CPEC over to Jim, making Jim president. For a brief period all seemed well. Paul regained his health but allowed Jim to continue as president. However, one day Paul went to lunch with a couple of employees and serious concerns regarding Jim's performance arose. …" @default.
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• W1577884292 date "2010-07-01" @default.
• W1577884292 modified "2023-09-23" @default.
• W1577884292 title "Fiduciary Folly Leads to Fiasco: The Case of Consolidated Pipeline and Equipment Corporation (CPEC)" @default.
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