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Russ Casino, Inc.

Courtaney and Biscoe were shareholders in Russ Casino, Inc., which operated a casino in East Texas. Courtaney owned 51 percent of the stock and Biscoe owned 49 percent. Biscoe managed the casino, which Courtaney typically visited once a week. At the end of 2013, an accounting audit showed that the cash on hand was less than the amount posted in the casino’s books. Later, more shortfalls were discovered. In December 2014, Courtaney, and her team of accountants, did a complete audit. Biscoe was unable to account for $1,650,230 in missing cash. Courtaney kept all of the casino’s most recent profits, including Biscoe’s $980,909 share. And, without telling Biscoe, Courtaney sold Russ Casino for $5,400,000 and kept all of the proceeds. Discuss.

I. The presentation of your paper shall adhere to the following structure:

a. Issue – Identify the issue(s) (Each issue must have its own IRAC)

b. Rule – Identify and explain/define the applicable rule(s), term(s), or concept(s)

c. Analysis – Apply the applicable rule, term, or concept to the facts. And, present arguments for both sides. d. Conclusion – Pick one side and give a conclusion

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a. Times new roman 12 Point font

b. Double spaced

c. End justify

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e. 0.75 inch page margins all around

f. Header should take up no more than two lines and should include your name, student id, class, and assignment name

g. Case should be no more than two pages, no less than one

h. Must be submitted on blackboard by 10 p.m. Friday December 2, 2016.

i. References – APA format (should have its own page)

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