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population increases. For 1996, the rate of increase in the
number of new houses built in Douglas County was 14.8 percent.
In 1995, petitioner became a contractor for Kaufman & Broad,
a national home building company then building numerous houses in
Highlands Ranch. During the fiscal year ended July 31, 1996,
petitioner laid more than 600 foundations, of which approximately
500 were for Kaufman & Broad.
Over the period from January 1, 1987 (when petitioner began
operations), through July 31, 1996, petitioner made annual
payments as compensation to Mr. and Mrs. Myers and to
petitioner’s construction workers as set forth below.5
Total Total
FYE William Connie Officer Construction
July 31 Myers Myers Comp. Worker Comp.
1987 $30,000 $6,750 $36,750 $86,846
1988 54,500 12,950 67,450 216,394
1989 43,000 15,050 58,050 191,414
1990 83,000 29,650 112,650 269,681
1991 173,600 12,500 186,100 374,135
1992 165,000 65,000 230,000 425,413
1993 457,785 156,000 613,785 535,051
1994 630,750 271,750 902,500 592,977
1995 455,000 247,500 702,500 675,671
1996 749,500 364,300 1,113,800 679,437
The total compensation of $1,113,800 paid Mr. and Mrs. Myers
for the fiscal year in issue ended July 31, 1996, was divided
between salaries and bonuses as follows:
5The allocation of officers’ compensation between salary
and bonus for each year is set forth infra in the appendix.
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