- 4 - California to such places as Idaho and Hawaii and eventually expanded on an international level. On December 31, 1986, Terry entered into an agreement with Academy for the sale of his clients' names, records, and accounts, including the managing general agent's agreements. At the same time, he entered into a 5-year employment contract with Academy, commencing on January 1, 1987, to be Academy's executive vice president--marketing and the chairman of the board of Academy Services, Inc. During Terry's employment term, Academy could not require him to relocate. In light of Academy's business interests around the world, Terry's job focused on clients in and outside California. As a result, he traveled outside California regularly. On August 1, 1988, the Corporation was liquidated, and Terry made a section 333 election. Before the Corporation was liquidated, petitioners held a meeting with their tax attorney and accountant. Mary Street In 1973, petitioners purchased property at 2320 Mary Street (Mary Street) in Riverside, California from Joyce's parents. Mary Street had been Joyce's family home. Petitioners moved into Mary Street, and they raised their children there from 1973 until 1980.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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