- 8 - Adjusted Taxable taxable Year income income Compensation Percentage 1987 ($171,253) $285,636 $425,000 1100.0 1988 33,406 343,406 310,000 90.3 1989 (19,237) 240,763 260,000 1100.0 1990 (5,402) 273,871 260,000 94.9 1991 327,543 692,945 360,000 52.0 1992 244,323 394,376 150,000 38.0 1993 26,348 176,348 150,000 85.1 1994 (36,327) 173,673 210,000 1100.0 1995 17,825 294,587 240,435 81.6 1996 58,755 518,755 460,000 88.7 1 Greater than 100 percent. The following schedule reflects the dividends received by the Valentes from petitioner: Year Amount 1985 -0- 1986 -0- 1987 -0- 1988 $17,600 1989 10,560 1990 11,241 1991 60,000 1992 10,000 1993 10,800 1994 -0- 1995 -0- 1996 -0- Petitioner owned property in El Cerrito, which had been used as a parking lot, and Mr. Valente envisioned future development of the property. Although Mr. Valente envisioned future development at a cost ranging from $7 million to $10 million, as of the years in question, no plans had been made for development nor action commenced to initiate a formal plan to develop the property. Petitioner, through its bookkeeper and the Valentes,Page: 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