- 9 -
worth of appraised gems for 767,820 shares of NRG International
Stock at .30/share.” Pursuant to this agreement, Mr. Sparrow and
Mr. Slaziz exchanged 767,820 shares of NRG for gems valued by
Mr. Slazis at $230,346. Petitioners did not include this
$230,346 in their 1987 gross income.
During 1987, Mr. Sparrow transferred to Leroy J. Isaac, Jr.
2,500 shares of Noble.
During 1987, Michael Allred (Mr. Allred) sold NRG on behalf
of petitioners. Mr. Sparrow received a $1,750 check from
Mr. Allred, dated March 17, 1987, and payable to Mr. Sparrow.
Mr. Sparrow received a $200 check from Mr. Allred, dated
March 27, 1987, and payable to Mr. Sparrow. Mr. Sparrow received
a $2,500 check from Mr. Allred, dated April 6, 1987, and payable
to Mr. Sparrow. Mr. Sparrow received a $1,500 check from
Mr. Allred, dated April 22, 1987, and payable to Mr. Sparrow.
Petitioners did not include the $5,950 of aggregate proceeds from
Mr. Allred in their 1987 gross income.
Petitioners maintained control over Noble’s bank account
during 1987. During 1987, Mr. Sparrow sold to Gordon LaMont
shares of Noble for $900. Mr. Sparrow received a $900 check for
this sale.
Petitioners engaged the brokerage firm of Piper, Jaffray
& Hopwood, Inc. (Piper, Jaffray) to sell stock on their behalf
during 1987. On January 6, 1987, Piper, Jaffray sold 1,300
shares of Centurion Mines Corp. on behalf of petitioners for
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011