Summit Sheet Metal Co. - Page 10

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          Searing signed a corporate resolution stating what they decided             
          about their bonuses.                                                        
               2.   Timing of Petitioner's Bonus Payments                             
               Petitioner paid the bonuses after the end of each of its               
          fiscal years before the year in issue, but not later than                   
          September 15 of each year, except the year in issue.  For those             
          years, the resolution authorizing the bonuses said:                         
               NOW, THEREFORE, BE IT RESOLVED, that a bonus of                        
               [amount for each year for each officer] * * * to each                  
               of the * * * [officers] be and the same hereby is                      
               granted and awarded, the same to be paid to said                       
               persons as soon hereafter as the cash position of the                  
               corporation reasonably permits, but in any event on or                 
               before September 15, * * * [year bonuses are                           
               authorized].                                                           
               Petitioner paid the bonuses after the end of its fiscal                
          years ending on September 30 in 1986 and 1987 and before December           
          15 of those years.                                                          
               Chasin, Hanson and Searing unanimously approved the                    
          following resolution on September 16, 1987:                                 
                    WHEREAS, the success and development of the                       
                    business of this corporation during the fiscal                    
                    year to end September 30, 1987 is largely the                     
                    result of the efforts of certain of the key                       
                    personnel of this corporation; and                                
                    WHEREAS, it is deemed to be to the best interests                 
                    of this corporation to provide for a special                      
                    reward for the efforts of said key personnel in                   
                    order that said key personnel be furnished with a                 
                    continuing incentive; and                                         








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