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Menards’s principal place of business and Mr. Menard’s residence
were located in Eau Claire, Wisconsin, when the petitions in
these consolidated cases (hereinafter this case) were filed.
I. Menards
Menards is an accrual basis taxpayer and has a fiscal year
ending January 31 for tax and financial reporting purposes. On
October 15, 1998, Menards timely filed Form 1120, U.S.
Corporation Income Tax Return, for TYE 1998 and reported
$315,326,485 of taxable income.
A. Menards’s Business In General
Menards was incorporated on February 2, 1962, in Wisconsin.
Since its incorporation, Menards has been primarily engaged in
the retail sale of hardware, building supplies, paint, garden
equipment, and similar items. Menards has approximately 160
stores in nine Midwestern States and is one of the nation’s top
retail home improvement chains, third only to Home Depot and
Lowe’s. In TYE 1998, Menards’s revenue totaled $3.42 billion.
4(...continued)
breach of a CART sponsorship agreement. We overrule respondent’s
objections to Exhibits 126-J and 127-J, and we sustain
respondent’s remaining objections.
Finally, in the stipulation of facts, respondent objected on
the basis of hearsay to Exhibit 120-J, the first page of an
alphabetical list of auto racing sponsors, printed in 1996, and
Exhibit 122-J, a Web site posting by a team called Davis & Weight
Motorsports seeking primary and associate sponsors for the 2002
NASCAR Winston Cup Series season. We sustain respondent’s
objections. See Fed. R. Evid. 802. We also note that these
documents are not relevant to this case.
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