- 3 - Shareholder Number of Shares Michael J. Graham 60 Reva G. Graham 15 Bethann Graham 25 Reva G. Graham (Mrs. Graham) and Bethann Graham are the wife and daughter, respectively, of Graham. Graham has at all times served as petitioner’s president. During 1995, 1996, and 1997, Graham performed the following services for petitioner: (1) Drove a truck on behalf of petitioner; (2) solicited business on behalf of petitioner; (3) ordered petitioner’s supplies; (4) entered into verbal and/or written agreements on behalf of petitioner; (5) oversaw the finances of petitioner; (6) collected moneys owed petitioner; and (7) managed petitioner. Throughout this period, Graham worked approximately 40 hours per week for petitioner. No other person performed any services on behalf of petitioner. During 1995, 1996, and 1997, all moneys that were paid on accounts receivable of petitioner were deposited into petitioner’s checking account. Petitioner did not make regular payments to Graham for his services. Rather, Graham obtained funds from petitioner’s bank account as his needs arose and/or paid personal expenses for himself and his family from such account as he desired. Petitioner neither classified any payment as a dividend nor distributed any dividends to shareholders from 1995 through 1997.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