- 80 -
Compensation Paid Salaries and
Year to Officers Wages Paid
1986 -- --
1987 -– $173,844
1988 -– 192,211
1989 $170,000 -–
1990 80,068 276,190
1991 103,000 396,247
1992 1,646,948 306,718
1993 2,031,993 352,974
All of the amounts that PKV&S reported as compensation paid to
officers on these returns were attributable to Rose.
On the Roses’ joint income tax returns for 1990 through
1995, Rose reported that he received the following amounts of
compensation:
Wages Gross Income Miscellaneous
and Reported on Income from
Year Salaries Schedule C Form 1099
1990 $6,923 $17,000 -–
1991 –- –- $103,000
1992 –- –- 1,646,948
1993 –- -– 2,031,993
1994 606,250 -– -–
1995 250,000 -– -–
Rose did not report any compensation from PK Ventures or its
subsidiaries in 1987 or 1988.
On its consolidated income tax return for 1990, PKV&S
claimed a $50,068 deduction for officer compensation paid to Rose
and a $30,000 deduction for a “salary transfer to Tampa Bay
Pipeline Co.” from PK Ventures. PKV&S reported that $17,000 of
the $50,068 was paid by TPTC and that the balance was paid by
PK Ventures. Neither the $30,000 attributable to TBPC nor the
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