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In 1977, Mr. Tedford organized Border Pre-Cast Concrete,
Inc. (Border), a Texas corporation. Border was in the business
of construction. Since Border’s incorporation, Mr. Tedford and
petitioner leased to Border all the real estate that Border used
for its business operations, including the corporate offices,
plant facilities, and storage yard. At various times, Mr.
Tedford and petitioner also leased equipment to Border. Before
1994, Mr. Tedford and petitioner made capital investments in
Border totaling $180,000.
Mr. Tedford was the president and sole shareholder of
Border. He was the key employee of Border and was responsible
for managing the business. He was generally in the office by 6
a.m. He would work through the lunch hour and did not leave for
home until after 6 p.m. He worked at least half days on the
weekends and also took work home with him. Mr. Tedford enjoyed
his work and took great pride in managing Border. He received
several awards and other forms of recognition for construction
jobs performed by Border. Despite being in his mid-seventies and
having had previous heart attacks and a coronary bypass, Mr.
Tedford had no desire to retire.
Petitioner was the vice president of Border. Petitioner’s
job duties consisted of answering the telephone, signing checks,
and driving Mr. Tedford around when his health started to fail.
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Last modified: May 25, 2011