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Some of the facts are stipulated and are incorporated herein
by this reference.
At the time of the filing of the petitions in these
consolidated cases, each of the individual petitioners resided in
Fremont, California, and the corporate petitioner, DeMarta &
Norwalk, CPA's, Inc., maintained its principal office in Fremont,
California. Robert DeMarta and William Norwalk (sometimes
referred to as the shareholders) are certified public accountants
(C.P.A.'s) and provide accounting services on a full-time basis.
Mr. DeMarta became a C.P.A. in approximately 1970, while Mr.
Norwalk became a C.P.A. in 1980.
In 1985, Messrs. DeMarta and Norwalk organized DeMarta &
Norwalk, CPA's, Inc., which was incorporated in California on
August 14, 1985. The business of the corporation was the
practice of public accounting. At all times during the
corporation's existence, Messrs. DeMarta and Norwalk have been
its only shareholders.
On September 3, 1985, Messrs. DeMarta and Norwalk signed
separate agreements with the corporation regarding their
respective ownership interests in, and rights and duties
regarding, the corporation. Each agreement is entitled
"Employment Agreement". The effective date set forth on these
agreements was October 1, 1985, and each provides, among other
things, the following:
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