- 26 -
however, petitioner did speak to Ben before he moved funds out of
the National Permanent Bank of Washington in February 1986.
In January 1981, petitioner became the named fiduciary for
the Markette Corporation Comprehensive Health Plan, which was
created at that time. Petitioner was the administrator and one
of the trustees of the Parkette Corporation Profit Sharing Plan
and also of the Parkette Corporation Pension Plan. Both of these
plans were established “as of” December 31, 1980, and both plans
covered employees of all the Sley Corporations. In 1984,
petitioner handled the sale of real estate that belonged to one
of the Sley Corporations.
From 1980 to about March 1986, Betsy did not take an active
interest in the Sley Corporations, nor did she have a working
knowledge of the Sley Corporations’ operations. During the years
in issue until March 1986, Betsy entrusted the entire operations
of the Sley Corporations to petitioner so that she could stay at
home to take care of her children; Betsy also was very involved
in civic activities. During the years in issue until 1986, Betsy
and petitioner had, in Betsy’s words, an “old-fashioned
relationship” where she took care of the children and the
household, and petitioner took care of business matters, those
being his law practice and the daily operations of the Sley
Corporations. However, see our findings as to petitioner’s and
Betsy’s joint checking account, under Background, supra.
Page: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 NextLast modified: May 25, 2011