- 4 - Petitioner is engaged in the business of retail selling of manufactured homes, also known as mobile homes, trailers, or trailer homes, hereinafter sometimes collectively referred to as mobile homes. At all relevant times, Jack and Mary each owned 50 percent of petitioner’s stock. Petitioner’s stock was not publicly traded. A. Jack’s Background Jack served in the U.S. Marine Corps for 3 years. In 1954, he left the Marine Corps and moved to Dallas, Texas, where he began a career in the automobile business. Jack served as the sales, finance, and insurance manager for several General Motors dealerships. In 1973, he left the automobile business to pursue a career in the mobile home business. B. Petitioner’s Origin and Economic Development Jack began his mobile home retailing business with capital raised from the $8,000 of equity that he had in his home and a $50,000 bank loan. He used this capital to establish an inventory of about six mobile homes. Jack increased his inventory by buying distressed merchandise at a discount--new mobile homes that lenders had repurchased from retailers who were going out of business. He attributed the failures of other retailers’ businesses to an economic downturn that began in 1973. Jack did not employ anyone in his mobile home retailing business during its first year.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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