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(5) The Success of the Taxpayer in Carrying on Other
Similar or Dissimilar Activities
The record reveals that Mr. Lamb has been quite successful
in the lumber and building supply business. Marriner Lumber had
gross receipts of $5,244,932 and $4,491,418 in 1990 and 1991,
respectively. In addition, MLHC acquired two building supply
stores in 1990 for $1,500,000 and had gross receipts of
$3,387,549 and $4,231,685 in 1990 and 1991, respectively. Mr.
Lamb and his son hold all the stock outstanding in these two
companies.
During 1990 and 1991, Mr. Lamb also held a 50-percent
interest in the D and N Partnership. However, D and N had a loss
of $8,554 in 1990 and $2,957 in 1991. In addition, in 1990, Mr.
Lamb owned a 50-percent interest in the GLS Partnership. GLS had
income for the year of $60,655.
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Last modified: May 25, 2011