- 5 - 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.Page: 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