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 inPage: 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