- 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 accountPage: 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