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FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts, the supplemental stipulation of facts,
and the accompanying exhibits are incorporated by this reference.
Petitioners resided in California at the time they filed the
petition in this case.
Petitioners
Petitioner Larry Bangs (Mr. Bangs) was raised and met his
future wife in a small farming town in Kansas. Mr. Bangs and his
future wife decided to move to California in 1964 to seek warmer
weather after Mr. Bangs spent some time in college and worked in
the salt mines. They were then married.3
Mr. Bangs accepted a job at Standard Oil in California. He
started in a plant and then moved to the sales department, where
he sold polyester resin for 6 years. His sales experience and
entrepreneurial drive convinced him to start a new business with
his wife. They began their own business distributing fiberglass
products. The business was successful and grew into fiberglass
manufacturing as well. Petitioners explored several different
business opportunities, some of which were successful.
Petitioners found success in manufacturing plastic lettering,
manufacturing chemical tanks, and designing the curled tail on
the back of skateboards. Petitioners lost money in jet ski
manufacturing, however, and they discontinued it when it was not
3 We refer to petitioner Mary Bangs as Mrs. Bangs.
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