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Shaw’s Gulf
Petitioner was a 44.9-percent shareholder of Shaw’s Gulf and
was its president during the years in issue. As president,
petitioner reviewed the monthly financial statements, approved
the annual budget, approved the remodeling projects, and signed
the checks. Shaw’s Gulf paid petitioner compensation of
$64,883.62 and $64,884.00 for 1995 and 1996, respectively, for
his services related to Shaw’s Gulf.
Shaw’s Gulf was in the business of operating convenience
stores, gas stations, carwashes, and Western Sizzlin’
restaurants. During the years in issue, Shaw’s Gulf leased
properties from petitioner and managed the operations of the
businesses located on those properties. The convenience stores
that were leased from petitioner and operated by Shaw’s Gulf
were: Buy N Bye #2, Buy N Bye #6, Buy N Bye #7, Buy N Bye #12,
Buy N Bye #13, and Conoco Cmart #16. Shaw’s Gulf also rented an
office building located in Stillwater from petitioner that was
used as Shaw’s Gulf’s headquarters. In 1996, Shaw’s Gulf also
leased from petitioner and operated a Western Sizzlin’ restaurant
located in Ponca City, Oklahoma (Western Sizzlin’ PC), and a
convenience store with a large carwash located in Ponca City.
Shaw’s Gulf paid gross rents to petitioner of $739,875 and
$976,954 for 1995 and 1996, respectively.
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