- 5 - Echols, who was responsible for field operations, and Mr. Edward Thorpe, Jr., the son of Mr. and Mrs. Thorpe. Mr. and Mrs. Thorpe started ETCO as a home-based business. ETCO procured most of its business through direct solicitation of housing authorities in various states. In an effort to market ETCO's services directly to housing authorities, ETCO participated in trade shows and conventions for which ETCO incurred travel and entertainment expenses. Mr. Thorpe attended the trade shows and conventions where he would represent ETCO by stationing himself at an exhibit booth, which displayed ETCO's products. Mrs. Thorpe attended a number of conferences with Mr. Thorpe. While at the trade shows, Mrs. Thorpe occupied the display booth and talked to people about ETCO's product, met new or prospective clients, learned more about the market, and solicited new business. In the fiscal tax years ending June 30, 1990, 1991, and 1992, ETCO incurred and deducted on its U.S. Corporation Income Tax Returns (Forms 1120) travel and entertainment expenses of $74,395, $81,237, and $75,749, respectively. In 1988, the officers of ETCO began looking for commercial office space from which to run its business operations. The officers spent approximately 1 year evaluating the local commercial real estate market. During that time, the officers contacted numerous real estate agents and researched real estate listings in local newspapers.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