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Year Wage Income
1985 $49,754.84
1986 54,745.39
1987 65,025.18
1988 57,669.00
1989 59,259.99
1990 88,275.39
In 1984, petitioner and Mr. Goings created a corporation
called Bevway Chemical Corporation, Inc. (Bevway) The name
Bevway consists of the first three letters of Beverly and Wayne,
petitioner's and Mr. Goings' first names. Before its dissolution
in 1991, Bevway was in the business of brokering scrap resin.
Also occurring in 1984, petitioner, Mr. Goings, Robert S.
Morris (Morris), and Mary B. Morris formed a corporation called
Deep South Chemical Corporation (Deep South). Deep South was in
the business of mixing resin with other chemicals. Deep South
was dissolved in May 1986.
In October 1985, Mr. Goings and Morris formed Highland
Enterprises, Inc. (Highland). Shortly after its formation,
Highland purchased Deep South's assets and began conducting Deep
South's business. Morris eventually terminated his ownership
position in Highland, leaving petitioner and Mr. Goings as
Highland's sole owners.
Robert Bordelon (Bordelon) was an established customer of
Allied. He was in the business of processing scrap resin into
marketable pellets. In order to assure a ready supply of scrap
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