- -11
calendar years 1989 and 1990, petitioner paid Mr. Blumberg fees
for his services in the amounts of $68,553.50 and $89,594.59,
respectively.
The bonus plan was not offered to employees other than Mr.
and Mrs. Penalba. The bonus plan was terminated in March 1991,
because it was no longer needed after petitioner became an S
corporation.
For its fiscal year 1990, petitioner's production personnel
earned the following compensation:
Employee Title Salary
Mr. Rubino Converting supervisor-
yarn purchasing $58,175
Elena Cabrera Production supervisor-
dyeing and finishing
coordinator 26,000
Gonzalo Campos Production clerk-
knitting 18,900
Juan Isidro Production clerk-
yarn 14,880
Beverly Dominguez Production clerk-
data entry 15,715
In addition to the above listed compensation, Mr. Rubino
received a company car and health insurance benefits for himself
and his family.
Mr. Blumberg also prepared a pension plan for petitioner's
employees sometime before the fiscal year at issue (the employee
pension plan). The plan was funded for approximately 2 years and
covered five employees. At the request of some of the employees
covered by the plan, the employee pension plan was terminated in
1990.
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