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and trust qualify under sections 401 and 501 for plan year ended
September 19, 1987, and for subsequent years.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulated facts and accompanying exhibits are incorporated
into our findings by this reference.
Background
Petitioner was incorporated in Arizona on December 16, 1976.
When it filed the petition, petitioner's principal place of
business was in Sedona, Arizona.
All of petitioner's stock is, and always has been, owned by
James N. Shedd (Mr. Shedd) and Jean Phelps Shedd (Mrs. Shedd)
(hereinafter collectively referred to as the Shedds). Mr. Shedd
is, and at all relevant time has been, vice president and
secretary of petitioner. Mrs. Shedd is, and at all relevant
times has been, president of petitioner.
Mr. Shedd
Mr. Shedd received a bachelor of arts degree from Park
College in Missouri during 1943. During 1952, he began a career
in banking as a loan officer trainee for First National Bank of
Arizona (First National). From 1958 through 1962, Mr. Shedd took
courses in banking through night classes offered by the American
Institute of Banking. Additionally, he attended a 2-week course
each year during 1961 through 1963 offered by Pacific Coast Bank
School in Seattle, Washington.
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