Scuba View, Inc. is owned by Marc C, Fisher and hi...

Scuba View, Inc. is owned by Marc C, Fisher and his wife,
Sylvia A Fisher.  The corporation
manufactures snorkel masks with built in lighting systems used for general
underwater lighting.  When cut on a
special way, the lights flash rapidly indicating an emergency situation (business
activity code number 339900).  The
corporation has reported positive financial and taxable incomes since
inception.  The company is located at 150
Reef Road, Big Sur, California 93920.The Company’s employer identification
number is 98-7654321, and the calendar year is used for tax purposes. The date of
incorporation was March 14, 2006.Marc C Fisher (Social security number 111-11-1111) is an 80
percent shareholder and president of the company.  Sylvia A. Fisher (social security:
123-45-6789) is a 20 percent shareholder and vice president of the
company.  Both persons devote 100 percent
of their time to the corporation.  Marc’s
compensation is $153,695 per year, and Sylvia’s compensation is $85,387 per
year. The corporation is not a personal holding company.  While the corporation is a closely held C corporation,
it does not engage in activities to which the at-risk or passive activity loss
limitations apply.The corporation files its tax return on the accrual
method.  Inventory has been consistently valued
at cost under the FIFO method using the full absorption procedure.  Inventory capitalization rules of Internal
Revenue Code Section 263a do not apply due to the small business exception
(average annual gross receipts for the three preceding taxable years do not
exceed $10 million). The accounting records are computerized.

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