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the years at issue, Hickory had no income other than commissions
and consulting fees paid by Exacto. Hickory's only employee
during the years at issue was Mr. Heitz. Mr. Heitz spent 10 to
20 percent of his time working for Hickory. Mr. Heitz received
the following salary from Hickory:
Fiscal Year Salary
Jan. 31, 1992 $100,000
Jan. 31, 1993 200,000
Jan. 31, 1994 100,000
Exacto's executive management team consisted of only five
individuals: Daniel Linsley, chief financial officer; Dennis
Backhaus, director of the Sales and Engineering Department;
Mr. Quillen; Mr. Greene; and Mr. Heitz. Mr. Quillen was the
secretary and treasurer of the company until his retirement in
1988. Mr. Quillen was also in charge of shipping, receiving, and
warehousing for Exacto. Mr. Greene was the plant manager for
Exacto and also assisted Mr. Heitz in research and development.
After Mr. Quillen's retirement in 1988, Mr. Greene became the
secretary and treasurer of Exacto and assumed the position of
director of shipping, receiving, and warehousing until his
retirement in 1991.
Before the retirements of Mr. Greene and Mr. Quillen, Mr.
Heitz worked approximately 60 to 70 hours per week. In addition,
he often worked at home on Sundays. After the retirements of
both Mr. Greene and Mr. Quillen, Mr. Heitz assumed more of the
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