- 3 - working at the engineering firm, petitioner took a leave of absence to manage a blueprinting company, Southern Blueprint Co. He acquired that company while it was in bankruptcy by borrowing money to pay some of the company's creditors. Petitioner operated the company for less than a year and then sold the company for a profit. Petitioner had also been involved in a number of other residential and commercial real estate development projects. One of the real estate ventures was Fairfield Communities, Inc., in which petitioner became involved in 1966. Petitioner provided engineering and planning services to the business, dividing his time equally between it and the engineering firm. Petitioner retained an interest in Fairfield Communities until at least 1985. On their 1985 tax return, petitioners reported gain from the sale of stock in Fairfield Communities as long-term capital gain. In 1968, petitioner sold his partnership interest in the engineering firm where he had worked since college. He founded his own engineering firm and held an interest in that second firm until 1973. In the mid-1970's, petitioner lent about $200,000 to Nygem Corp., which had manufactured snowmobile gas gauges. Nygem was in bankruptcy at the time of the loan. After petitioner became involved in the company, it began to manufacture printed circuit boards and became a profitable business. Although petitioner did not own any capital in the company, he received $1 million and stock in a hazardous waste disposal company, discussed below, forPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011