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Virginia (the company), in 1982. In fiscal year 1987, the
company generated over $1 million in revenues and by 1988, was
operating out of 50 office locations in three States. In 1988,
the company name was changed to Jackson Hewitt Tax Service, Inc.
(Jackson Hewitt).
During the taxable year 1990, petitioners made gifts of
Jackson Hewitt stock to the Hewitt Foundation (the foundation)
and the Foundry United Methodist Church (the church). During
1991, petitioners made gifts of Jackson Hewitt stock to the
foundation and the church.
At the time of the gifts, the market for Jackson Hewitt
stock operated primarily through individuals or organizations
contacting the company and offering to buy or sell at a given
price. In arriving at the price, the potential purchaser had
access to information with respect to the most recent trades and
offers to sell by other shareholders. At the time of the gifts,
approximately 700,000 shares of Jackson Hewitt stock were
outstanding in the hands of approximately 400 individuals and
organizations (among whom were employees, franchisees, and others
unrelated to the company). Between May 1, 1990, and December 31,
1991, 317 stock transfers were recorded in the company's stock
book, involving approximately 100,000 shares.
In addition to the company market, another market operated
through Wheat, First Securities, Inc., in which hundreds to
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