- 5 - 1990 and before 1995, however, Mr. Valente’s reported wages did not exceed $320,000 and were as low as $151,690 and averaged $209,462. Mr. Valente consulted for and was compensated by Green Valley Ford. He also consulted with the dealership executives in connection with petitioner’s business operations. Mr. Valente spent as much as 15 hours per week consulting. His expertise was also used in connection with the South San Francisco property, which also involved an automobile dealership. He consulted with that dealership’s executives to help ensure their continued ability to make mortgage payments on petitioner’s self-financed sale of the property to the new dealer. Mr. Valente also spent a limited amount of time working on petitioner’s accounts collectible. For 1995, petitioner deducted $240,435 as compensation to officers, which included a yearend bonus of $180,435. For 1996, petitioner deducted $460,000 as compensation to officers, including yearend bonuses of $150,000 to Mrs. Valente and $250,000 to Mr. Valente. For years prior to 1995, the Valentes reported wages as follows: Year Amount 1985 $498,647 1986 493,485 1987 1,053,801 1988 1,075,075 1989 941,407 1990 1,072,362 1991 320,000 1992 151,690 1993 152,851 1994 213,305Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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