- 9 - 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’sPage: 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