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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,
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