10
From 1978 to 1989, petitioner observed the proprietor of
Valley Smelting, a successful business which was also involved in
metal mining and refining activities. This person performed a
variety of activities such as: Recovering and refining lead and
mercury from scrap batteries, recovering metals from ores and ore
samples, manufacturing irrigation valves, and, operating a
mercury mine. Petitioner consulted with the proprietor in order
to determine the best means of business operation.
Petitioner chose work that was "interesting" and not
immediately profitable "whenever I had the cash to indulge * * *
[I did] so." When petitioner needed income in his business, he
would "do things that * * * [were] more mundane, less
interesting, but immediately profitable, such as industrial
controls, fabricating equipment." Petitioner has been able to
find work whenever he needed it. "I’ve always been able to make
sales * * * of that sort whenever I have needed to do so."
Petitioner, however, attempted to make the business
profitable by trying to obtain a large margin between the sales
price and the cost of goods sold. In time, petitioner was not
able to obtain metallic mercury from scrap batteries, hence, he
was unable to maintain a large margin between the sales price and
the cost of goods.
The metal refining activities performed by petitioner took
place on a 50-acre parcel that was mostly farm land.
Petitioner’s father farmed the land, and petitioner had a shop in
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