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making Qwest a wholly owned subsidiary.
During the years in issue, Phillip F. Anschutz (Mr.
Anschutz) was the direct, sole owner of Anschutz Company.
During the years in issue, Anschutz Company was the parent
corporation of an affiliated group of corporations, as defined by
section 1504(a), which included Qwest. Anschutz Company and its
affiliated subsidiaries will hereinafter be referred to as
petitioners.
Mr. Anschutz moved Qwest’s headquarters from San Francisco
to Denver in 1994 in order to have the company near his office
for monitoring and control purposes. During the years in issue,
Mr. Anschutz was in almost daily contact with Qwest executives.
Mr. Anschutz had final approval on any decision by Qwest that
involved investment.
II. Evolution of Qwest’s Telecommunications Business
While its charter indicated that it would provide
telecommunications services, Qwest’s initial involvement in the
telecommunications business was not until 1987, when it acted as
a liaison between Southern Pacific and MCI Telecommunications
Corporation (MCI). Qwest’s business operations further evolved
through the years as it began constructing fiberoptic conduit
systems. Qwest first worked as a general contractor and hired
subcontractors to do the majority of the work. By the end of the
years in issue, Qwest performed most of the construction on its
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