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FINDINGS OF FACT
Some of the facts have been stipulated for trial pursuant to
Rule 91. The parties' stipulations of fact are incorporated
herein by reference and are found as facts in the instant case.
At the time the petitions in the instant case were filed,
the principal place of business of Sainte Claire was located in
San Jose, California. During the years in issue, Sainte Claire
used the cash receipts and disbursements method of accounting.
Sainte Claire was organized pursuant to California law on
March 1, 1946, and elected to be an S corporation on December 29,
1986, pursuant to the recommendation of its tax counsel. The
corporation's first acquisition was a hotel, and it subsequently
acquired other real estate, including ranches and mobile home
parks. Its initial shareholders consisted of James F. Boccardo
(Mr. Boccardo) and three of his friends and clients, Joseph
Perrucci, Frank DiNapoli, and Earl Heple, each of whom held one
quarter of its stock. Mr. Heple was killed in a construction
accident during the 1950's, Frank DiNapoli died during 1974, and
Mr. Perrucci died during 1985. Mr. Heple's interest in Sainte
Claire came to be held by Mr. Boccardo's family; the interests in
Sainte Claire that had originally been held by Frank DiNapoli and
Mr. Perrucci became dispersed among, inter alia, members of their
families. At least during 1988, the stock of Sainte Claire was
held by the following individuals, members of families, and a
trust, in the percentages indicated:
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