- 12 - 1989 1,294,4272 1990 1,312,490 1991 1,162,589 1992 1,185,315 Petitioner claimed deductions for officer's compensation in the amounts of $1,069,001 and $396,698 for the fiscal years 1990 and 1992, respectively. D. Others Familiar With Petitioner Christenson, petitioner's accountant, assisted in the formation of petitioner in 1984, and his accounting firm has reviewed petitioner's financial statements since 1985. Approximately 90 percent of Christenson's clients are in the construction industry. Christenson considered Ginger the sole marketing person for petitioner, and he characterized Ginger's sales and marketing abilities as "amazing". Christenson noticed that Ginger had an "intuition" in matters, such as profitability, overhead management, and the need to maintain volume to break even. Ginger was a rare client in that he invited Christenson to economic forecast luncheons. Petitioner's banker, Greg Adamson (Adamson), talked with petitioner's vendors, customers, and competitors. Such contacts were common during Adamson's management of a client's portfolio. Adamson concluded that petitioner had a very solid reputation in 2 We have adjusted the shareholders' equity figure for the fiscal year ended June 30, 1989, to account for the recording error entered supra note 1.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011