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Krugerrands for the Sley Corporations. The sales produced a 1980
profit of $75,150 for the Sley Corporations.
In 1981, there was a very rapid drop in the prices of both
diamonds and gold.
In 1980, Ben was employed as a stockbroker; he engaged in
transactions on behalf of the Sley Corporations that year. In
1981, Ben went back to law school full-time. From 1981 through
1986, Ben did not perform any investment services for the Sley
Corporations other than generally keeping abreast of financial
markets for the Sley Corporations and for his own investment
purposes, and reviewing monthly account statements from the banks
at which the Sley Corporations had cash management accounts. In
1987, Ben made some investments for Markette’s pension and
profit-sharing plan.
On January 20, 1984, Girard Holding Co., Inc., sold land and
parking lot improvements for $640,000; it reported a $511,658
gain on this sale. Twelfth and Sansom Corp. was liquidated in
1985. The liquidation included about $1 million worth of assets.
Apart from the disposition of Krugerrands when Twelfth and
Sansom Corp. was going through its liquidation, none of the Sley
Corporations bought or disposed of any Krugerrands or diamonds
between the end of 1980 and the end of 1986. See infra table 1.
In fact, the Sley Corporations still owned those same Kruggerands
and diamonds during the trial of the instant cases.
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