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$10 per share would be issued to Georgiou pursuant to the
provisions of section 1244. It was also resolved that the
corporation should borrow $400,000 from Georgiou and give him a
promissory note for that amount, payable on demand in 5 years,
with annual interest payments at the rate of 10 percent per
annum.
The March 3, 1989, Minutes of a Special Meeting of the Board
of Directors of JAI resolved to issue an additional 13,400 shares
of section 1244 stock at $10 per share to Georgiou. It was
resolved that the corporation should borrow $536,000 from
Georgiou and issue a promissory note in that amount, payable on
demand in 5 years, with annual interest payments at the rate of
10 percent per annum.
The August 9, 1989, Minutes of a Special Meeting of the
Board of Directors of JAI resolved that the corporation should
borrow $16,100 from Georgiou and issue a promissory note in that
amount, payable on demand in 5 years, with annual interest
payments at a rate of 10 percent per annum.
There were two sets of Minutes of Special Meeting of the
Board of Directors of JAI dated September 30, 1989. The minutes
resolved to accept a Supply Agreement that required JAI to
purchase all of its merchandise from Kolonaki. The original
minutes identified Kolonaki as "a California corporation". The
September 30, 1989, minutes that were provided to the IRS agent
at audit, however, identified Kolonaki differently, stating that
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