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8. Grecco's Financial Status
In 1988, Grecco's annual dividend and interest income was
about $4,000, and she had $30,000 equity in her home, an interest
in a limited partnership, and more than $80,000 in retirement
savings, not including petitioner's 1988 contribution to the
retirement plan and any growth in prior contributions.
Petitioner paid its directors from 1984 to 1988 as follows:
Fiscal Year Ending June 30, 1984 Salary Retirement Plan
Tiedemann $90,500 $22,625
Colbert 90,500 22,625
Grecco 90,500 22,625
Fiscal Year Ending June 30, 1985
Tiedemann 166,000 17,610
Colbert 166,000 17,610
Grecco 166,000 17,610
Fiscal Year Ending June 30, 1986
Tiedemann 115,000 14,038
Colbert 115,000 14,038
Grecco 115,000 14,038
Fiscal Year Ending June 30, 1987
Tiedemann 154,000 27,598
Colbert 136,000 24,132
Grecco 136,000 24,132
Fiscal Year Ending June 30, 1988
Tiedemann 244,000 30,000
Colbert 238,800 30,000
Grecco 236,455 30,000
Petitioner had paid Grecco a salary of $165,455 in
petitioner's fiscal year 1988 when the parties approved the
redemption agreement. Grecco estimated that her salary and
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