Ward AG Products, Inc. - Page 3

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               Unless otherwise indicated, section references are to the              
          Internal Revenue Code in effect in the years in issue.  Rule                
          references are to the Tax Court Rules of Practice and Procedure.            
                                I.  FINDINGS OF FACT                                  
               Some of the facts have been stipulated and are so found.               
               Petitioner is a Florida corporation the principal place of             
          business of which was in St. Augustine, Florida, during the years           
          in issue and when it filed the petition.                                    
          A.   Robert E. Ward, Jr.                                                    
               Robert E. Ward, Jr. (Ward), was raised on a dairy farm in              
          Eufala, Alabama.  He attended Auburn University.  He was married            
          around 1962.  He and his family moved from Eufala to Hastings,              
          Florida, in 1965.  In Hastings, he worked as a sales                        
          representative for an agricultural chemical company.  In 1975,              
          Ward decided to start his own business of selling supplies to               
          farmers, in part because he had become close to the farmers                 
          there.  Ward began by selling fertilizer from the back of a                 
          truck.  He did not have an office for the first 3 years.  Ward              
          borrowed money to keep his business going.                                  
               Ward's son, William David Ward (W.D. Ward), began to work              
          for Ward in 1983.  W.D. Ward was petitioner's warehouse manager.            
               Ward and his family owned an interest in a farm in Alabama.            

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Last modified: May 25, 2011