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entire project exceeded $3 million, with sales in excess of $6 million.
During the period that the management fees were accruing to
him, petitioner performed various services for the partnership,
consuming on average at least half of each work day. Petitioner
provided management services to the partnership during the
planning, construction, and sales phases of its operations.
During the planning stage, petitioner met with attorneys to draw
up condominium documents and attended planning board meetings in
the town of Hampton, New Hampshire. Petitioner participated in
many meetings with financial institutions in an attempt to raise
the necessary financing for the project. He met numerous times
with representatives of the bank from which financing for the
project was ultimately obtained. Before construction commenced,
petitioner negotiated with utility companies to obtain temporary
service for construction, as well as permanent service to the
completed units. As construction commenced, petitioner was
involved in overseeing the project. Petitioner organized the
workmen’s (subcontractors’) schedules, reviewed work performed,
and approved bills for payment. He approved foundation
locations, directed deliveries to correct buildings, and,
generally, assured that the work that was contracted for had been
completed in a satisfactory manner.
Following construction, petitioner initiated and oversaw the
marketing and sales promotion effort for the condominiums,
including on-site floor time. Since the complex was one of the
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Last modified: May 25, 2011