- 5 -
AIM’s primary business is metal fabrication. AIM performs
work at the facility on the Whittington property (described below
at paragraph B) and at its customers’ locations.
AIM paid its employees once a week. AIM reported income on
the basis of bills it submitted to customers.
AIM fabricated and installed metal components for Morton
International, one of AIM’s customers. In October, November, and
December 1994, AIM paid a total of $1,739.50 for materials and
$15,792.40 to its employees for labor that they had performed for
Morton International. In January 1995, AIM completed the job and
sent bills to Morton International for $17,532.
B. The Whittington Property
On March 6, 1978, petitioner bought about 2.75 acres (the
Whittington property) from D.L. Whittington.
On January 1, 1992, AIM’s board of directors (i.e., the
Bolers) held a meeting to accept the transfer of real property,
equipment and tools, and associated liabilities from petitioner.
The record is silent as to whether AIM’s board of directors
accepted the proposed transfers from petitioner. On March 11,
1992, petitioner signed a quitclaim deed which stated that he had
transferred the Whittington property to AIM on January 1, 1992.
AIM did not record the quitclaim deed.
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