- 3 -
accrual basis for the fiscal years ending June 30 for the years
here in issue. In 1981 the fiscal yearend was changed from March
31 to June 30.
GSI, BI, and Animal Fair filed a consolidated Federal income
tax return for each of the fiscal years ended June 30, 1988,
1989, 1990, and 1991.
Mr. Schoenecker was born on September 22, 1927. In 1950 Mr.
Schoenecker and Mr. Robert MacDonald (Mr. MacDonald) incorporated
BI. From the time of its incorporation until 1979, Mr.
Schoenecker and Mr. MacDonald each owned 50 percent of the stock
of BI.
In 1960 Mr. MacDonald had a driving accident and became a
paraplegic. He returned to work for BI on a part-time basis in
1963, and in 1979 he retired as an officer and director of BI
because of his health, but remained as a consultant of BI until
1988. On January 12, 1979, Mr. MacDonald sold his 50-percent of
the common stock in BI to GSI for $3,079,925. The terms and
conditions of the stock purchase by GSI from Mr. MacDonald were
incorporated in an agreement. The purchase of the 353 shares
originally owned by Mr. MacDonald included 17 shares which Mr.
MacDonald had given to a charity, which shares were purchased by
GSI at the same time and at the same price per share as the
shares which at that time were owned by Mr. MacDonald. Under the
provisions of the stock purchase agreement, GSI paid $175,000 in
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011