Custom Chrome, Inc. and Subsidiaries - Page 3

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               In 1970, petitioner was incorporated by several individuals            
          to operate a small independent retail store selling motorcycle              
          parts and accessories.                                                      
               In 1975, two employees of petitioner, Tyrone A. Cruze, Sr.             
          (Cruze) and Ignatius J. Panzica (Panzica) purchased the stock of            
          petitioner.  In December of 1976, Cruze became sole owner of the            
          stock of petitioner,1 and Panzica stayed on as an employee.                 
               From 1976 until 1991, under Cruze's direction as sole                  
          stockholder, president, and chief executive officer of                      
          petitioner, petitioner's business thrived, and petitioner became            
          the largest independent worldwide supplier of Harley-Davidson               
          motorcycle parts and accessories.  Petitioner’s employees also              
          designed and manufactured many of the accessories that it sold              
          for Harley-Davidson motorcycles.                                            
               Petitioner maintained warehouse facilities in California and           
          Kentucky.  In 1989, petitioner's combined domestic and foreign              
          sales exceeded $28 million.                                                 
               From 1976 until 1991, Cruze was involved in and maintained             
          final decision-making authority over all aspects of petitioner's            
          business operations.  Cruze established significant business                
          contacts with bankers, suppliers, and vendors who were important            
          to the business operations and success of petitioner.  Cruze was            

          1     Cruze’s wife also purchased some of the stock in                      
          petitioner.  For convenience, we treat Cruze as sole owner of the           
          stock in petitioner.                                                        

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Last modified: May 25, 2011