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Transcription
2 . Mr. Sutton believes this can be done but will make an investigation. 3) It was also decided that for the time being the LVL&WCo. should not divest itself of properties other than the water properties but that if the bonds to be submitted by the Las Vegas Valley Water District to the voters at an election now scheduled for the spring of 1953 fail to pass, consideration should then be given to separating the water department from the other properties now held by the LVL&WCo. Two possibilities exist (a) divesting the LVL&WCo. of the other properties by transfer to the LA&SL or another subsidiary, and (b) the creation of a new corporation to which the water department properties of the LVL&WCo. would be transferred, leaving the other properties in the ownership of the LVL&WCo. The present thought of the conference was that because of tax hazards it might be better to allow the non-water facilities of the LVL&W Co. to remain in its ownership, amending its articles so as to eliminate any reference in the name of the corporation or in the body of the articles to the carrying on of a water production or distribution business and to transfer the water department facilities to a new corporation. Mr. Sutton will "investigate the tax consequences of each of these plans.
