- 4 -
Westchem.
During approximately the first 5� months of 1999, Mr.
Hopkins made certain unidentified expenditures totaling $10,179
(Mr. Hopkins’s unidentified expenditures of $10,179). During the
period January through June 7, 1999, Mr. Hopkins made certain
automobile racing expenditures totaling $67,084 (Mr. Hopkins’s
automobile racing expenditures of $67,084) to pay for, inter
alia, purchasing a race car, race car graphics, signs, and
clothes, making sponsorship payments to certain race car drivers,
and Mr. Hopkins’s airfare, lodging, meals, and other costs that
he incurred while he was frequenting various automobile races.
On June 15, 1999, Mr. Hopkins organized and became the sole
stockholder of a corporation also known as MPH Enterprises, which
took over the operations of Mr. Hopkins’s sole proprietorship.
On the same date, that corporation filed an election to be taxed
as an S corporation. (Hereinafter, we shall refer to the corpo-
ration known as MPH Enterprises as Mr. Hopkins’s S Corporation.)
Approximately 90 percent of the manufacturers for whom Mr.
Hopkins’s S Corporation sold plastics products or equipment,
including Westchem, were located in California. During approxi-
mately the second half of 1999, Mr. Hopkins’s S Corporation sold
on behalf of Westchem certain Westchem plastics products that
2(...continued)
customers.
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