- 3 -
or all of that time, he served as Geiger's treasurer. His day-
to-day responsibilities included managing Geiger's warehouse and
routing functions.
Geiger's stock was owned by petitioner, his brother Michael
Geiger (Geiger's secretary), his mother Alma Geiger (Geiger's
president), and his sister Janice Lee Costner (Geiger's vice
president). The spouses of the Geiger siblings also held some
interest in Geiger's as well.
In 1988, all of the assets of Geiger's were purchased by
Linda K. Woodward, Incorporated. Petitioner's employment with
Geiger's was terminated as a result.
After the sale of its assets, Geiger's adopted a 5-year plan
of liquidation. The final distributions in liquidation were made
to its shareholders during 1992. After reviewing certain of
Geiger's books and records, petitioner's brother computed the
appropriate amounts of distributions in liquidation, and on
December 12, 1992, prepared the Form 1096 and Forms 1099
regarding the distributions. Petitioner's mother was responsible
for making the distributions. In calculating the amount of
distributions due to his siblings, petitioner's brother included
the share holdings of their spouses. Consequently, only four
Forms 1099 were generated; one for each Geiger sibling, and one
for petitioner's mother.
In 1992, as reflected in Geiger's books and records, the
corporation made a $15,282 distribution in liquidation to
petitioner, as one of its shareholders.
Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011