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Petitioner and Eberl entered into a deferred compensation
agreement, effective June 1, 1992, under which petitioner agreed
to establish a reserve of $500,000 for each year of Eberl's
service to petitioner (payable at his death, disability, or
retirement) unless his total annual compensation (including
salary and bonus) exceeded $1 million. Payments under this
agreement were in addition to payments made under his employment
agreement with petitioner. Petitioner made no contributions
under the deferred compensation agreement.
Eberl's compensation, as a percentage of petitioner's total
income (gross receipts less cost of goods sold plus interest
income) and net income (before tax, net operating loss, and
Eberl's compensation) was as follows:
Eberl's Comp. as
Fiscal total Total % of total
year compensation income income
1988 $40,000 $72,943 54.8%
1989 638,000 942,552 67.7
1990 330,000 558,178 59.1
1991 220,000 517,332 42.5
1992 4,370,000 4,862,456 89.9
1993 2,110,000 2,658,025 79.4
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