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Petitioner has used the accrual method of accounting since
1964. Petitioner paid administrative salaries of $192,079 and
cost of labor of $2,901,375 during the year in issue.
B. Petitioner's Shareholders and Officers
1. Milton J. Chasin
Milton J. Chasin has a bachelor of science degree in
accounting. He was licensed as a public accountant in 1948 or
1949. He was employed as an auditor with the California State
Board of Equalization in the late 1940's.
Chasin cofounded petitioner in 1960 with Morley Weis (not
otherwise described in the record) and Donald Hanson. Gale
Searing became a one-third shareholder of petitioner in 1964
after Weis died. Chasin was responsible for the administration
of petitioner. He established and was responsible for
petitioner's books and records. He kept accurate records for
petitioner from 1960 through the year in issue. He negotiated
loans and bought material and equipment for petitioner. He
negotiated a line of credit for petitioner with Metropolitan Bank
in the year in issue. Chasin always had an assistant to help him
with the administrative duties.
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