- 3 -
resided in Darien, Connecticut, when they petitioned the Court.
They filed 1992 and 1993 Forms 1040, U.S. Individual Income Tax
Returns, using the filing status of "Married filing joint
return". Petitioner graduated from Duke University with a
bachelor of arts degree in business.
Balfour employed petitioner from November 10, 1969, through
June 14, 1991, as a commercial representative. Balfour
manufactured and sold award items, such as jewelry, plaques, and
trophies, and petitioner had the exclusive right to sell
Balfour's products in New York City and certain surrounding
areas. For each Balfour product sold in petitioner's sales
territory, Balfour paid him a commission equal to the difference
between the price paid by the purchaser and the price charged
petitioner. Balfour issued petitioner Forms W-2, Wage and Tax
Statements, listing the total commissions that it paid him during
each year.
Balfour let its retiring salesmen sell their sales
territories to other Balfour salesmen. On January 1, 1971,
Louis S. Myers (Mr. Myers), a retiring salesman, sold petitioner
the exclusive right to service Balfour's New York City sales
territory. Pursuant to the sale, Mr. Myers transferred his sales
accounts to petitioner from January 1, 1971, through December 31,
1973, and petitioner received credits to his commission account
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011