- 15 -
Employee 1984 1985 Total
John Laviano1 $515,397 $196,000 $711,397
Michael Lavelle 263,764 148,000 411,764
Kenneth Forster 172,004 34,695 206,699
Ginny Neitzel 105,139 38,199 143,338
Lee Ackerly2 138,319 -0- 138,319
1John Laviano, received commissions based on 15 percent of
the gross profits from the transactions in which he was involved.
2Lee Ackerley left the petitioner during 1984 to start a
competing business.
Petitioner paid its support staff a salary and occasional
monthly bonuses depending on petitioner's profitability. No
bonuses were paid during periods of low profitability. During
periods of high profitability, bonuses were mediocre and were
paid with an intent to permit petitioner's support personnel to
participate in its profits.
6. Petitioner's Retained Earnings and Dividend Policy
Petitioner retained earnings for the 3-year period ended
July 31, 1985, were as follows:
Taxable
Year Ended Retained
July 31 Earnings
1983 $62,903
1984 399,935
1985 959,582
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011