- 4 - for sales on these accounts after their transfer. Mr. Myers received payments (known as equity payments) equal to the sum of (1) the commissions credited to his account for orders entered on the transferred accounts in the year before their transfer to petitioner and (2) the commissions credited to petitioner's sales account during 1970 from accounts transferred to him before 1970. The equity payments were made in five equal annual installments by way of offsetting debits and credits that Balfour posted to the commission accounts that it maintained for petitioner and Mr. Myers. Balfour did not include the debited commissions in the commissions shown on petitioner's Forms W-2. Sometime during 1989 or 1990, petitioner and Balfour entered into a dispute over petitioner's commissions. The dispute centered mainly on petitioner's accounts with AT&T, Prudential, and the New York Giants and on a $281,773 commission that Balfour had mistakenly paid petitioner during 1990. Petitioner also was unhappy with the way Balfour manufactured and delivered its products to customers in his sales territory. During May 1991, petitioner talked to Robbins, Inc. (Robbins), a competitor of Balfour, about leaving Balfour to work for Robbins. One month later, on June 14, 1991, petitioner resigned from Balfour and began working for Robbins as a sales representative. Petitioner continued to work for Robbins throughPage: 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