- 7 - for less than the price petitioners had marked on the item, they adjusted that item's price accordingly. None of their merchandise was sold below cost. Usually, petitioners left on Friday morning when they were going to a Saturday show. Once they arrived at the show, they unloaded the merchandise and set up their tables. The shows were generally held on Saturday and Sunday and lasted 7 hours each day. On Sunday evening they packed the merchandise that was not sold into their truck and returned home. Petitioners did not hire an accountant to assist with the preparation of Red Caboose's books and records. They did not have a traditional bookkeeping system for the activity. Red Caboose's records were kept in the same way Mr. Lencke had previously kept his insurance business records. To keep track of merchandise sold during a show, petitioners dictated descriptions of the items sold into a hand-held tape recorder. Once they returned home, they listened to the tape and made a note of the amount of money received and the items sold at each show. During 1990 and 1991, petitioners recorded the amount and nature of Red Caboose's sales in their personal appointment book. During 1992, they prepared a tally sheet for each show indicating which items were sold and the amount of money received at each show.6 6 Petitioners testified that Red Caboose's sales were recorded in their personal ledger during the years in issue. However, the stipulation of facts to which the parties agreed (continued...)Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011