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buying it. He believed that it was making money and had a great
location. Petitioner has operated it as a Schedule C business
since 1994. Petitioner bought Midwest Truck Stop because he was
looking for a good business for his son, Gaylan, to operate.
They also had considered buying convenience stores, but the
stores were not making much money. Gaylan has managed Midwest
Truck Stop since 1994. Midwest Truck Stop has been profitable,
and the value of its stock has increased since petitioner bought
it in 1994.
In 1997, petitioner bought the Greenfield Trading Post, a
gas station and convenience store. Petitioner has operated
Greenfield Trading Post as a Schedule C business since 1997.
Petitioner maintains detailed accounting records for Midwest
Truck Stop and the Greenfield Trading Post. Greenfield Trading
Post has daily computerized financial reports which petitioner
reviews twice a week. Midwest Truck Stop has a manual ledger
system with quarterly and annual reports. Midwest Truck Stop
also tracks large inventory items (such as fuel) daily.
2. Mrs. Davis
Mrs. Davis began her career as a computer operator at
Southern Colorado State University, where she worked from 1964 to
1970. She has worked for Dillons Stores, a retail grocery chain,
since 1978. She worked as a cashier from 1978 to 1979, as a head
cashier from 1979 to 1987, and as an office manager since 1987.
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Last modified: May 25, 2011