William J. Cutts - Page 5

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               On March 19, 1982, ATV was incorporated in Alabama.  ATV               
          fabricates steel plates into storage and processing tanks,                  
          including pressure vessels, distillation columns, paper mill                
          digesters, and wind tunnels.                                                
               Mr. Cutts founded ATV and has served as its president from             
          its inception.  On ATV’s 1997 return, Mr. Cutts was listed as an            
          officer who owns 45 percent of ATV’s common stock.                          
               ATV’s business is substantial:  It uses the completed-                 
          contract method of accounting; for its fiscal year in issue, it             
          reported gross sales in excess of $33 million and yearend                   
          retained earnings in excess of $2 million.  Mr. Cutts, for his              
          tax year in issue, received salary of $187,369 from ATV and net             
          rental income of $66,823 from ATV and three rental houses.                  
               During the 1997 year, ATV’s general office, sales office,              
          and drafting and engineering activities were located in Landmark            
          Hall.  ATV has another sales office in Houston, Texas, and a                
          construction facility in Lucedale, Mississippi.                             
               Landmark Hall                                                          
               On December 30, 1988, Mr. Cutts purchased Landmark Hall.               
          The Landmark Hall main house (the main house) is approximately              
          140 years old and has three floors, with 10,500 square feet of              
          usable space divided approximately equally among them.  Landmark            
          Hall also has a front yard, parking areas beside and behind the             
          main house, an 800-square-foot swimming pool (the pool) with a              






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Last modified: May 25, 2011