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who later became a high school principal; Francis E. Rundell, a
retired U.S. Air Force colonel who managed missile research and
development programs for the U.S. Air Force; and William A.
Fleming, a former supervisor in the lunar lander program of the
National Aeronautics and Space Administration and former
supervisor in the Federal Aviation Administration.
On February 28, 1984, IRC was incorporated in Delaware. IRC
elected S corporation status for its first taxable year (the
short period from Mar. 1 through Dec. 31, 1984); it reported its
income using the cash method of accounting.
On March 5, 1984, IRC opened a checking account with
Maryland National Bank. IRC wrote four checks on that account:
Two checks totaling $7,412 for legal fees and two checks totaling
$20,900 to Heritage Financial for fees and commissions associated
with the private placement of IRC stock.
On June 5, 1984, RIC was incorporated in Delaware. RIC
elected S corporation status for its first taxable year (the
short period from June 5 through Dec. 31, 1984); it reported its
income using the cash method of accounting.
In June of 1984, RIC opened a checking account with
Maryland National Bank. RIC wrote eight checks on that
account: Two checks totaling $32,588 for legal fees, one
$80,000 check for the repayment of a loan, two checks totaling
$12,069 for refunds of investments in RIC stock, one $10,000
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