- 8 -
E. Compensation and Payment of Food, Lodging, and Medical
Expenses
Mr. Huber was the sole employee of Waterfall Farms. He kept
the corporate books and paid its bills. For his services, Mr.
Huber received $1,000 in 1995, $600 in 1996, and $1,000 in 1997.
In addition, Waterfall Farms paid all of the Hubers’ medical care
expenses.
In 1997, Waterfall Farms leased the homestead from Ms. Rose;
the rent was $7,500 per annum. The original term of the lease
was 1 year beginning January 1, 1997, and ending December 31,
1997; the agreement continued in effect year to year until
otherwise canceled. The Hubers (and one of their daughters)
continued to use the homestead as their residence after
Waterfall Farms leased the homestead from Ms. Rose. In addition
to the rent for the homestead, Waterfall Farms paid for
the food consumed by the Hubers and their daughter.
Waterfall Farms did not pay dividends for fiscal years ended
November 30, 1995, 1996, and 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