Estate of James J. Renier, Deceased, Kent L. Renier and Dubuque Bank & Trust Company, Co-Executors - Page 15

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          week), for an annual salary of $39,998.  He further concluded               
          that a bookkeeper/office manager for Renier with Maria’s                    
          qualifications reasonably would have been paid $7.37 per hour and           
          worked 2,080 hours per year, for a total annual salary of                   
          $15,330.  To these amounts, Mr. Sliwoski added a fringe benefit             
          equal to 20 percent of base wages for each employee.  Finally,              
          Mr. Sliwoski adjusted these results using changes in the consumer           
          price index for 1989 through 1994 to determine reasonable                   
          compensation for each year in the base period.  Mr. Sliwoski then           
          treated all compensation to related employees that exceeded the             
          foregoing amounts, plus associated payroll taxes, as excess                 
          compensation that should be added back to produce normalized                
          income.  This resulted in increases to Renier’s reported net                
          income for the base period of $357,789, or an average of $61,925            
          per year.                                                                   
               Mr. Kramer, by contrast, calculated the excess compensation            
          to related employees to be only $15,000 per year, which he                  
          divided by 12 and then multiplied by 69.33 to arrive at a total             
          excess compensation of $86,663 during the base period.  In                  
          reaching the $15,000 per year figure, Mr. Kramer concluded that             
          approximately 15 percent of the time devoted to management duties           
          by related parties was attributable to duplicated effort and                
          therefore constituted excess compensation.                                  
               After considering the reasonable compensation adjustments              
          proposed by each expert, we conclude that neither accurately                

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