- -9
July 31, 1989 98,563
277,762 35
July 31, 1990 543,765
361,229 150
Dec. 31, 19901 61,2232
682,819 9
Dec. 31, 1991 525,6872
1,241,915 42
Dec. 31, 1992 173,1692
1,736,516 10
1 The year ended Dec. 31, 1990, was a short taxable year.
2 For these years, the ordinary income figures that were reported on the
Forms 1120S were used, since no tax was paid by the corporation.
On its Federal income tax returns for its years ending July
31, 1987 through July 31, 1990, petitioner deducted officers'
compensation as follows:
Year ending Mr. Penalba's Mrs. Penalba's Total
July 31 compensation compensation compensation
1987 $296,500 $296,500 $593,000
1988 220,000 105,000 325,000
1989 445,000 215,000 660,000
1990 1,342,400 407,600 1,750,000
For its fiscal year 1990, petitioner adopted an incentive
bonus plan (the bonus plan), under which petitioner's officers
were to be paid an incentive bonus equal to 10 percent of the
gross increase in petitioner's sales for its fiscal year 1990
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