- 10 -
9/30/82 -0- 17,500 3,699
9/30/83 -0- 20,417 3,900
9/30/84 -0- 100,000 107,881
9/30/85 -0- 130,000 113,082
9/30/86 -0- 96,250 105,444
9/30/87 -0- 157,445 102,047
12/31/87 -0- 23,333 20,068
12/31/88 -0- 921,334 63,178
12/31/89 -0- 2,151,666 88,901
12/31/90 3,775,699 1,690,834 56,089
12/31/91 (2,155,900) 2,000,000 97,106
12/31/92 (173,808) 4,650,000 101,990
12/31/93 (1,857,933) 1,750,000 27,678
12/31/94 1 -0- 1
12/31/95 1 -0- 1
1 Undisclosed by the record.
Petitioner's board resolved on December 31, 1990, that
petitioner would retain $2,487,547 of its 1990 profit for "the
reasonably anticipated needs of the business for the forthcoming
years";3 petitioner used another $1,282,998 to pay its 1990
Federal income tax liability. The board also resolved on that
date that petitioner would pay $1,690,834 in compensation to Mr.
Ashare during 1990 "in consideration of the efforts expended by
Richard Ashare on behalf of the Corporation for the calendar year
ending December 31, 1990".
The board resolved on December 31, 1993, that petitioner
would pay $1,750,000 in compensation to Mr. Ashare "in
consideration of the efforts expended by Richard Ashare on behalf
of the Corporation for both the calendar year ending December 31,
3 The record does not identify the "reasonably anticipated
needs" for which petitioner retained some of the 1990 earnings.
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