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2008 Deloitte Tax Case Study Competition Regional Case Study By the time they were seniors at Carolina College (CC), Tyler Jordan, Lauren Nichols, and Chrissy Morgan were accepted as Southern Royalty. For the rest of his life, Tyler could go almost anywhere in the state and people would whisper excitedly, Hes the one who won the SEC championship game that year! And Lauren and Chrissy were forever hearing excited shrieks of, Its the Saucy girls! Younger years.Tylers father, Mike, was a pro football Hall of Fame star. His mother, Charlotte, was the heiress to and current president of McMillan Imports, Inc., a 200-year-old shipping company. Tyler grew up in historic Charleston in what, well, most of us would call a mansion. He was the youngest of three sons and some people have said he was a bit spoiled. Charlotte Jordan was distressed that her baby wanted to go to a state university. But Tyler won that fight - he had the chance to quarterback for Coach Duke Sparrier, and he was not about to give up that opportunity! Lauren and Chrissy, who are cousins, were raised in an almost middle-class home in Greenville, South Carolina, a beautiful little town that had once been known as The Textile Capital of the World. Both girls parents were divorced. When Laurens mom moved out of state, Lauren received permission to live with Chrissys mom (Aunt Kate to Lauren) in order to finish high school in her hometown. The girls spent their summers working in the clothing mills, but the jobs were harder and harder to come by as the mills tightened their belts  and sometimes closed their doors  due to global competition. Theirs was a hard, but happy, life. Lauren was the top of the pyramid in the high school cheerleading squad, and Chrissy was head majorette in the dance line. Chrissy had danced and acted in plays since she was six years old, and she was quite an accomplished weekend dance instructor at a local studio. They both happened to be beauties; Lauren was Homecoming Queen, and Chrissy was Prom Queen during their senior year in high school. They also were creative in overcoming their financial limitations, making many of their own clothes and setting the standard for fashion at their school in the process. Their ticket out of town came in the form of scholarships: Lauren received an athletic scholarship from CC for cheerleading; and Chrissy received an academic achievement grant from Hadley Mills, Inc. Hadley Mills is Kate Morgans employer and was Laurens and Chrissys summer employer during their high school years. Freshman year of college.Two weeks before freshman year classes started, Chrissy and Lauren rolled onto the Carolina College campus in Chrissys dented and slightly rusty Honda Civic. That transmission is going to give up any day now, Chrissy laughed. They parked the car behind the dorm and vowed no one would ever know it was theirs. After unpacking, they headed off to dance and cheerleading practice. With a goal of pledging a sorority, they had saved all of their money from summer jobs and had obtained glowing recommendation letters from friends of friends. After sorority rush, they both were welcomed with open arms by their new sisters of Chi Alpha Tau (thats theΧΑΤs, or CATs, in case you werent paying attention).
 Copyright 2008 © Deloitte Development LLC  All Rights Reserved.
2 Across campus, Tyler was moving into an apartment near the Athletic Dorm. He planned to redshirt (sit out of football) during his freshman year, but he was on campus early to practice with the team. Tyler also rushed, and, as a double-legacy, had no choice but to pledge the Delta Omega Gamma fraternity (they are theΔΩΓs  or DOGs). Sophomore year.At the beginning of their sophomore year, Tyler met Lauren and Chrissy in a business communications class. Lauren had decided to work toward a double major in human physiology and business administration. Aunt Kate had advised her to learn something about business so she could run her own life. Lauren envisioned getting a graduate degree in physical therapy and opening a chain of sports rehabilitation facilities. Chrissy was majoring in business and taking as many fine arts electives as possible. Im going to be a famous actress, she declared, but at least Ill have the business degree to fall back on. Youll be a great actress, Lauren teased. You can be quite dramatic. Tyler was taking business courses because his parents insisted on it  after all, he was an heir to (and on the Board of Directors of) McMillan Imports, Inc. But, at this point, he was only interested in The Pros. Im as good as my Dad and stronger, thought the 62, 200-pound quarterback. But, truth be told, Tyler actually feared he wasnt big enough or fast enough to make it. The business communications professor placed the trio on the same research team for the semester. Initially, Tyler wasnt very impressed with Chrissy or Lauren and vice versa. [For the first few weeks, in fact, they fought like ΧΑΤs and ΔΩΓs. (Ha, ha!)]. Tyler rolled his eyes at the accents and mannerisms of the country girls, and Chrissy commented to Lauren, Well, doesnt he thinkhe’sspecial! Offering football practice as an excuse, Tyler left much of the work for the two young women, and they in turn worked like champions to write the papers and prepare the presentations. One week before final exams, CC played in the SEC Championship game in Atlanta. Near the end of the third quarter, CC was behind 20-17, and the first-string CC quarterback was roughed-up a bit. Tyler was called in to play the rest of the game. With three minutes left in the fourth quarter, Tyler spotted an open receiver on the 3-yard line. He completed the 18-yard pass, and the receiver ran in for the touchdown! But just as the ball left Tylers hand, a 280-pound linesman broke through and tried to sack him. Tylers leg contorted, and, even above the ecstatic crowds roars, he heard the dreadful and unmistakable snap of his ACL (anterior cruciate ligament) separating from his leg bone. Tyler saved the game, but the MRI test showed extensive damage to his left knee. You have a blown ACL and a severely torn meniscus. Well schedule surgery right after final exams, the doctor said.
Copyright 2008 © Deloitte Development LLC All Rights Reserved.
Tyler was in severe pain during final exams, and he was unhappy because he couldnt play in the Sugar Bowl. Chrissy and Lauren were kind young women and offered to work overtime to complete the final project in the business communications course. Humbled by their concern and efforts, Tyler stepped-up and worked diligently on the project, despite his discomfort. The trio earned an A in the course and became friends in the process. At one late-night study meeting, Lauren told Tyler some of the things she had learned about knee rehabilitation in her human physiology studies. Im taking a sports injury treatment course in the spring, she said. You might want to take it, too. Youll be going through rehab the same time youre taking the class. There has to be some warped kind of advantage to that. Lauren laughed mischievously, but kindly, and Tyler grinned, looking at her with new appreciation. The next ten years for Lauren and Tyler.While rehabilitating his knee, Tyler was forced to accept that while he would never be able to play at the pro football level, he could continue to be an impressive college player. He came to respect the value of physical therapy. He followed the painful PT recovery regimen without wavering, and during his junior and senior years, he became a football legend in South Carolina. He decided during that time that he wanted to give the same hope and opportunity to others, so he changed majors, and he and Lauren both graduated with dual degrees in human physiology and business administration. They went on to complete the Doctor of Physical Therapy degree, which required almost four years of additional training. As part of that program, they could choose one or more advanced concentrations. Tyler focused on Cardiology and Geriatrics, and Lauren specialized in the broad category of Womens Health. They married after they completed their clinical work and went to work for a sports rehabilitation clinic in Charleston. Charlotte Jordan had expected her son to be either a professional football player or a vice-president of McMillan and was astounded with his career decisions. With near-disgust, she said, I am shocked that you would accept such a low-level position in such an inconsequential field. In response, Tyler patiently explained, Mom, Im going to help people regain lost lives. This position is just until we have the experience to run our own business. Charlotte was somewhat appeased by this explanation, and it helped that she soon had grandson Jake and granddaughter Samantha to occupy her mind. When Tyler was 30, he received a $2 million (cash) principal distribution from a trust established for Tyler by his grandfathers estate. Now we can start our first clinic! he declared. So Tyler and Lauren used part of the trust distribution to form the Athletic Recovery Center (ARC). They combined some of the remaining funds with funds from Mike and Charlotte. With this money, the four investors formed ARC Properties (Properties) to buy and hold the real estate and equipment that would be used by ARC. The remaining trust distribution was used to make a down payment on a home. When Baby Chrissy arrived a year later, Lauren smiled and said, Our home is now perfect.
Copyright 2008 © Deloitte Development LLC  All Rights Reserved.
4 The next 10 years for Chrissy.During college, Chrissy starred in a variety of campus music and dance productions. She earned acting roles in a number of local commercials and worked part time as the weather girl and weekend anchor on a local morning show. Chrissy was determined to head for the Big Screen, so as soon as she graduated (and paid off a mountain of parking tickets!), she and her cousin Lauren took a six-week road trip to Los Angeles. She found an apartment, traded-in the Civic (now 16-years-old) for a brand new hybrid, and started knocking on doors to find work. She planned to work as a real estate sales agent until her big break came through. Chrissys PDA was loaded with the contact information for everyΧΑΤsister who ever worked in the movies or television. Success didnt take long  in only a matter of months, she landed a minor part in an afternoon soap opera, followed quickly by a role as the quirky sidekick in what turned out to be a summer blockbuster movie. One opportunity followed another. By the time she was 30 Chrissy was an A-list actress with starring roles in six award-nominated films to her credit. Sadly, she had also been through two short-term marriages (and divorces), but she nevertheless always seemed to enjoy her life. Chrissy and Lauren talked at least once a week to laugh about their respective adventures with casting directors, PT patients, and diapers. Age 37.Everything rolled along nicely for several years, but when our trio reached age 37, everything seemed to change overnight as the economy took a nose dive. Health insurance companies cut back on the types of physical therapy they would cover and the amount they would pay. Eventually, ARC closed its doors and the company was liquidated. The family (Mike, Charlotte, Tyler, and Lauren) decided to keep Properties in existence until they could decide what to do with the building and equipment. Tyler finally satisfied Charlotte by going to work at McMillan, but he was 37 years old, and starting over at a modest salary. (Actually, most of us would consider it a nice income, but it was low for someone paying for a trendy, 5,000-square-foot house and the related life style). To help make ends meet, Lauren started sewing again. She found a fabric made from bamboo fibers that was imported from China. It was inexpensive, organic, antibacterial, draped well, and was available in several stylish colors. Lauren used it to make jogging suits to wear at the gym. Chrissy took a six-month break from acting and came home to South Carolina to unwind. On a visit to Charleston, she commented on Laurens attractive lounge wear. When Lauren confessed thatshethe clothes, Chrissys eyes lit up. Honey, I havecreated friends who would pay a fortune for something this comfortable and fashionable. You can wear this to shop on Rodeo Drive, to work in the garden, or to sit and just watch a movie. To this Lauren quipped, Or to run after speedy kids. They settled on the name, Saucy Gear, for their new clothing line. The girls each contributed $100,000 of cash to form a limited liability company (LLC) that would make and market the jogging suits and other bamboo clothing. They contacted their former boss in Greenville and commissioned Hadley Mills, Inc. to make $120,000 of clothing.
 Copyright 2008 © Deloitte Development LLC  All Rights Reserved.
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