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reference. At the time they filed their petitions, TECO had a
mailing address in New Braunfels, Texas, Vernon resided in New
Braunfels, Texas, and Janet resided in Edgewood, Texas.
In the early 1960s, TECO began operations. TECO specialized
in manufacturing commercial kitchen sinks and counter tops. TECO
promoted its products at trade shows throughout the United
States.
By the mid-1960s, Jack Knauss (Mr. Knauss), Janet’s father,
and Bernie Knauss (Bernie) owned TECO. In 1968, Vernon married
Janet. That same year, Vernon began working at TECO as a janitor
(cleaning up the shop area). Starting in 1969, Vernon worked
full time for TECO. Until approximately 1979, Vernon worked in
the shop area of TECO operating the steel grinder, doing lab
work, and supervising shipping.
Around 1979, Mr. Knauss moved Vernon to TECO’s front office
to groom Vernon to run TECO. Initially, Vernon started at “the
bottom” of the office. From 1979 through 1982, Mr. Knauss
trained Vernon on how to operate TECO. In 1982, Mr. Knauss
retired from TECO.5
5 During the years in issue, Vernon was the president of
TECO. Up until the time Mr. Knauss retired, Mr. Knauss owned 370
shares of TECO and Bernie owned the remaining 330 shares of TECO.
In 1982, pursuant to a divorce decree, Mr. Knauss transferred his
370 shares of TECO to his ex-wife, Hallie Jean Culpepper (Ms.
Culpepper), making Ms. Culpepper the majority shareholder of
TECO--she owned 52.85 percent of TECO. Ms. Culpepper was Janet’s
mother.
(continued...)
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