Swope v. Swope
Idaho Supreme Court
739 P.2d 273 (1987)
- Written by Tammy Boggs, JD
Facts
Prior to marriage, Charles Swope (defendant) owned a quarter interest in a partnership that operated a Pepsi Cola (Pepsi) bottling facility. During the years of Charles’s marriage to Isabel Swope (plaintiff), the Pepsi partnership distributed earnings to Charles. The partnership also did not distribute earnings to Charles of about $75,765 (retained earnings). In 1979, in exchange for Charles’s partnership interest in Pepsi, Charles received stock and debentures in Pepsi. Charles maintained the same percentage ownership interest, and Pepsi elected to be taxed as a partnership by making an S corporation election. The Swopes paid income taxes on the distributed and undistributed earnings of Pepsi. In 1980, Charles sold his interest in Pepsi, including stock and debentures, for $840,000. Isabel filed for divorce, and the trial court found that the property sold was in all respects Charles’s separate property. Isabel appealed, arguing that the retained earnings of the Pepsi partnership were community property. The Idaho Supreme Court reviewed the matter.
Rule of Law
Issue
Holding and Reasoning (Bakes, J.)
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