Roger E. Goodrich and Suzanne B. Goodrich - Page 3

                                        - 3 -                                         
               On October 16, 1986, in partial payment of the $232,511                
          purchase price for the shares of stock of UI, petitioner paid               
          Wilcox $125,000 from the family trust account.  Eventually, on              
          April 28, 1989, petitioner’s obligation to pay Wilcox the                   
          $107,511 balance due on the purchase of the stock of UI was                 
          satisfied by petitioner’s transfer to Wilcox of 10,000 shares of            
          stock in a newly formed corporation that petitioner formed as a             
          subsidiary of UI.                                                           
               After petitioner’s purchase of the stock of UI and during              
          the years in issue, UI operated as a developer and seller of                
          computer software and hardware.  UI generally sold its computer             
          products to local governments, insurance companies, and                     
          bookstores.                                                                 
               Petitioner served as UI’s president, and Suzanne B. Goodrich           
          served as UI’s secretary.  Wilcox continued as a director of UI.            
               On October 14, 1986, 1 day after petitioner agreed to the              
          purchase of the stock of UI, petitioners transferred $155,475               
          from the family trust account to UI (1986 transfer).  UI used the           
          $155,475 transferred by petitioners to pay salaries of several UI           
          employees and to pay for development of new computer software               
          products.                                                                   
               On March 3 and April 1, 1987, petitioners made additional              
          transfers of $18,000 and $24,000, respectively, from the family             
          trust account to UI (1987 transfers).  UI used this total of                






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  Next

Last modified: May 25, 2011