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F. Compensation Paid by Petitioner
Petitioner did not pay Choate for work he performed during
its first 6 months. For its fiscal year ending June 30, 1990,
petitioner paid $202,000 to Choate and paid salary, wages, and
other labor costs of $240,938.
Petitioner paid salaries and bonuses to its officers as
follows:
Fiscal year Choate Dudley Freese Barrett
June 30, 1990 $202,000 -- -- --
June 30, 1991 156,250 $72,200 $46,042 $63,000
June 30, 1992 1,010,000 134,250 121,000 121,000
The record does not show how much petitioner paid Dudley, Freese,
and Barrett during petitioner's fiscal year ending June 30, 1990.
Petitioner has always had a policy of paying bonuses to its
employees. The bonuses petitioner pays to its project managers
and superintendents often exceed their salaries. Petitioner paid
bonuses based on the amount of work or revenues the employees
produced.
Choate authorized bonuses for petitioner's officers and
shareholders (himself, Dudley, Freese, and Barrett) on June 26,
1992. Petitioner paid those bonuses in the fiscal year ending
June 30, 1992, as follows:
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