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F. Young & Young's Withdrawal From the Prime Plan
On August 8, 1994, Howard Young requested that an estimate
be calculated for Young & Young's withdrawal from the Prime Plan.
VI. N.L. Booth
A. Overview
Robert and Janice Booth (R&J Booth) are husband and wife,
and they resided in Scottsdale, Arizona, when they petitioned the
Court. John and Debra Booth (J&D Booth) are husband and wife,
and they resided in Scottsdale, Arizona, at the time of their
petition. During the relevant years, Robert Booth was vice
president and secretary of N.L. Booth, a corporation engaged in
the construction business in Phoenix, Arizona, and he owned 11.1
percent of N.L. Booth's stock. John Booth was N.L. Booth's
president and treasurer, and he owned 25 percent of N.L. Booth's
stock. N.L. Booth's remaining stock was owned by Phyllis Booth,
the mother of John and Robert Booth.
N.L. Booth's principal place of business was in Arizona when
it petitioned the Court. N.L. Booth reported its operations for
Federal income tax purposes on a fiscal year ending July 31, and
it used an accrual method on its relevant tax returns. These
returns reported the following information:
Taxable year ended 07/31/89 07/31/90 07/31/91 07/31/92 07/31/93
Total income $612,603 $1,230,318 $1,009,373 $1,235,227 $889,174
Compensation of officers 176,300 274,600 451,200 437,892 239,200
Salaries & wages 49,649 74,655 37,76752,014 53,296
Pension, profit-shar. plans 40,000 8,500 43,261152,464 150,696
Employee benefit programs- 0 - 100,000 56,739- 0 - - 0 -
Taxable income 69,279 478,098 95,100 231,648 101,792
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