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secretary and treasurer, and Steven Richter (Mrs. Blazick's
brother) is petitioner's vice president. Together the three
constituted petitioner's board of directors.
Mr. Blazick is a resident of Fremont, California. He
attended Armstrong College, where he received a bachelor's degree
in business management and a master's degree in business
administration. In January of 1970, while attending college, he
purchased a silk-screen printing business. From 1970 through
1972, he and his wife, Janette, conducted the business from their
residence. He had no previous experience in the printing
business but learned quickly. In 1982, Mr. Blazick incorporated
the business under the name "O.S.C. & Associates, Inc." During
the years in issue, Mr. Blazick owned 90 percent of petitioner's
stock and Mr. Richter owned 10 percent. Mr. Blazick expanded the
business to include numerous printing processes and other
services. During the years in issue, petitioner employed between
179 and 235 employees, including numerous managerial and
supervisory personnel.
Leo Rosi was petitioner's accountant. Messrs. Rosi and
Blazick were classmates at Armstrong College, and in the late
1970's, Mr. Blazick became Mr. Rosi's client. In 1988 or 1989,
Mr. Rosi advised Messrs. Blazick and Richter that petitioner
should pay dividends. Their response to Mr. Rosi's advice
discouraged Mr. Rosi from raising the issue in subsequent years.
Petitioner has never declared or paid dividends.
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Last modified: May 25, 2011