-3-
for residential and commercial construction. Petitioner and her
husband owned 60 percent of the stock in J.W. Hancock, Inc.
The real estate market declined in the 1960's. Petitioner
and her husband surrendered their stock in J.W. Hancock, Inc.
They kept nine lots in Phoenix, Arizona, and built one house at a
time.
C. J.W. Hancock Enterprises, Inc.
1. Incorporation
Petitioner and her husband incorporated J.W. Hancock
Enterprises, Inc. (Hancock Enterprises), on May 1, 1973. From
1973 to 1986, Hancock Enterprises developed real estate in the
Phoenix area. Petitioner was the executive vice president of
Hancock Enterprises.
Petitioner and her husband established the J.W. Hancock and
Margaret E. Hancock Trust (the trust) on September 23, 1976.
Hancock was the trustee. The trust owned the stock of Hancock
Enterprises.
2. Operation of Hancock Enterprises
Hancock Enterprises operated under the name of Camelot Homes
(Camelot). Hancock Enterprises bought large tracts of land,
subdivided and rezoned the tracts, made improvements such as
roads and sidewalks, and delivered sewer and water lines to the
property.
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