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Mr. Myers Mrs. Myers Totals
Salaries $586,500 $288,500 $875,000
Bonuses 163,0001 75,8002 238,800
Totals 749,500 364,300 1,113,800
1Of this $163,000, $125,000 was said to be a bonus for
fiscal year 1995 and $38,000 a bonus for fiscal year
1996.
2Of this $75,800, $58,000 was said to be a bonus for
fiscal year 1995 and $17,800 a bonus for fiscal year
1996.
As described infra pp. 10-11, 13, petitioner also made
contributions on behalf of Mr. and Mrs. Myers to a qualified
retirement plan and further agreed to make specified deferred
compensation payments to each of them.
Petitioner had no fixed formula for determining the annual
salaries and bonuses paid to Mr. and Mrs. Myers. Until the
fiscal year ended July 31, 1996, Mr. and Mrs. Myers, petitioner’s
directors, generally around the beginning of the fiscal year,
would set the respective salaries they were to receive for that
year. At the same time, they would authorize Mr. Myers, as
petitioner’s president, to pay himself and Mrs. Myers whatever
raises, fringe benefits, and bonuses that he considered
appropriate for that year. For example, concerning the
respective salaries and bonuses paid to Mr. and Mrs. Myers for
the fiscal year ended July 31, 1995, the minutes of petitioner’s
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