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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.
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Last modified: May 25, 2011