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1989, $6,885 in 1990, $2,795 in 1995, $4,419 in 1996 and $32,796
in 1997.
During 2000, petitioner was self-employed as a systems
developer, operating under the name of Nikken Distributorship.
In 2000, Nikken Distributorship had gross receipts of $500 and
incurred $450 of business expenses which petitioner reported on
Schedule C, Profit or Loss from Business, of the joint return.
Before and for part of 2000, Mr. Sturges worked for Cisco
Systems Sales & Services, Inc. (Cisco), as a software engineer.
Mr. Sturges terminated his employment with Cisco in 2000.
Mr. Sturges began working as a software engineer for Tiburon
Networks, Inc. (Tiburon), after he left Cisco. Tiburon was an
affiliate of Nortel Networks, a Canadian telecommunications
company. Tiburon paid Mr. Sturges wages of $31,286.40 in 2000.
Tiburon also gave Mr. Sturges options to purchase 192,000 shares
of Tiburon stock over a 3-year period.
During his employment with Cisco, Mr. Sturges acquired stock
options to purchase Cisco stock. From 1997 until he terminated
his employment in 2000, Mr. Sturges exercised a small number of
options each month. When Mr. Sturges left Cisco, Cisco required
him to exercise (or lose) his remaining Cisco stock options.
Petitioner and Mr. Sturges engaged Paine Webber, a
professional financial advisement firm, to assist and advise them
with respect to the exercise of the Cisco stock options. Mr.
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