- 5 - Form 1040” (before considering limitations). Under the plan, each participant is entitled to a maximum reimbursement of $10,000 per year. At a special meeting of the directors held on November 1, 1994, the board of directors of Waterfall Farms adopted a resolution setting forth a repayment obligation similar to that set forth in the bylaws. At that meeting, the directors also adopted the following resolution: RESOLVED that the Corporation’s officers and employees shall be required to live at the worksite of the Corporation to ensure security for the Corporation property and operations. The officers and employees shall be required to live on the worksite to supervise the care and feeding of the livestock of the corporation. The Corporation shall supply said officers and employees all of their food and lodging while living at said worksite. That all of the officers and employees shall be considered “on duty” when at the worksite and therefore entitled to such benefits. C. Farm Lease During the years at issue, Waterfall Farms leased the Huber farm to Mr. Huber under a “share-crop” arrangement. Under a written agreement titled “Farm Lease”, dated December 1, 1994 (the 1995 lease), effective for 1 year (to November 30, 1995), Mr. Huber agreed to pay Waterfall Farms $15,000 plus one-third of the proceeds from the sale of all crops grown on the farm. Mr. Huber was to receive the other two-thirds of the proceeds from the sale of the crops, as well as all payments received underPage: 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