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of 1982, after Sheldon's father died, Sheldon and Stein disagreed
about the direction of the business, and so Sheldon sold his
interest in Dawn Joy to Stein for $750,000. Nancy knew of this
sale before it took place. Sheldon received wage and salary
income from Dawn Joy in the amounts of $182,000 for 1981 and
$87,483.34 for 1982. After the sale of his interest in Dawn Joy,
Sheldon remained involved in the garment industry as an employee
and investor.
In April 1981 Sheldon backed another dress business, Royal
Green Fashions. Nancy knew at the time it was happening that
Sheldon was backing this business. There were two "working
partners" of Royal Green Fashions, and Sheldon was the "financial
partner". On their 1982 tax return, Nancy and Sheldon reported
that Nancy received $5,700 wage and salary income from R & L
Fashions, a company from which Sheldon had received $63,300 in
wage and salary income in 1982. However, Nancy had not done any
work for R & L Fashions, and was not aware of the Form W-2 and
the fact that she and Sheldon reported the income.
After Sheldon's death, in late 1986, all of Sheldon's
business records (contained in about 30-40 boxes), which had been
at his various places of business, were delivered to Nancy. It
was at this time that Nancy first had access to, and first saw
Sheldon's records.
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Last modified: May 25, 2011