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transferred that ownership to his <br />wife. Yet he says he does not have <br />direct or indirect financial <br />interest in this business. If the <br />transaction has taken place, it was <br />probably done for one dollar. I'm <br />trying to show that it's a "sham <br />transaction". Neither Mr. Stiffler <br />or his wife are going to be working <br />in the stores. They are both Sub- <br />Chapter S Corporations, all income <br />flows into their personal income tax <br />returns. Yet, he has no personal <br />interest in this business? How much <br />did he sell it for to divest <br />himself? Did he sell it at such a <br />substantial loss as to show that it <br />is a "sham transaction"? <br /> <br />Davidson explained that the applicant is not required to answer <br />those questions unless he chooses to do so. <br /> <br />Fyne: <br /> <br />Griffiths: <br /> <br />Stiffler: <br /> <br />May I ask for a point of rule as to <br />why he's not required to? <br /> <br />If the applicant chooses not to <br />answer a question such as that, the <br />Licensing Authority can take that <br />refusal to answer into account in <br />making its decision. Is your answer <br />still that you choose not to answer? <br /> <br />I can answer. My wife has her own <br />source of funds and can provide the <br />continuing operation of the liquor <br />store. <br /> <br />Griffiths: <br /> <br />The question was "Do you have an <br />interest in that liquor store <br />indirectly by reason of the fact <br />that your wife now owns that <br />license?" <br /> <br />Stiffler: <br /> <br />Fyne: <br /> <br />I just answered that. She has her <br />source of funds and it's her <br />investment. It's not my own <br />investment anymore. I have no <br />interest in it. <br /> <br />The Corporate Records/Minutes show <br />that the capitalization is for <br /> <br />18 <br /> <br /> <br />