Carl Goudas and Marilyn Goudas - Page 10

                                       - 10 -                                         

          distributions from Coastal that exceeded their reported                     
          distributive shares of partnership income for the year.                     
               Messrs. Boyas and Spillas received direct cash payments by             
          Continental from the escrow account in proportion to their                  
          partnership interests, in the amounts of $1,391,566 and $695,783,           
          respectively.  Petitioner received a direct cash payment from the           
          escrow account in the amount of $95,783, based on petitioner’s              
          $695,783 net interest in the Mall (equivalent to the interest of            
          Mr. Spillas) minus the above-mentioned $600,000 credit.6  These             
          cash payments to the Pecaris partners represented the bulk of the           
          proceeds from the $4.1 million Canada Life mortgage loan that               
          remained after the pay-off of the liabilities and closing costs             
          to which the Pecaris partnership's interest in the Mall had been            
          subject.  According to the escrow statement prepared by                     
          Continental for Coastal, $78,063 of the mortgage loan proceeds              
          was paid to Coastal as "excess loan proceeds".                              
               Petitioner also received another cash payment from the                 
          escrow account in the amount of $30,000.  This payment was a                

          6The difference between these amounts and the calculation                   
          supra in note 4, is attributable to a small amount of interest              
          received on the overnight investment of the mortgage loan                   
          proceeds by or on behalf of Coastal:                                        
          100 percent   25 percent                                                    
          Pecaris equity in Mall, valued at $4.8 million . . .  $2,782,746    $695,686
          Interest on investment of                                                   
          mortgage loan proceeds . . . . . . . . . . . . . .         388          97  
          2,783,134     695,783                                                       






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011