- 9 - TELCOR Year Retained Deficit Shareholder's Equity 1987 ($598,622) ($137,551) 1988 (1,644,738) (1,183,667) Petitioner was aware that repayment of the advances depended on the subsidiaries' becoming profitable. During 1986 through 1988, BEI made payments on petitioner's behalf; for example, BEI made loan payments on the loans that petitioner originated to provide funding to BEI and TELCOR. However, BEI and TELCOR did not make regular repayments of the advances. On their original and amended 1987 tax return, petitioners reported interest income from BEI in the amount of $338,264. During 1986 through 1988, petitioner also held ownership interests in a number of other business enterprises, including, among others: Muskogee Mall Ltd.; The Gary Cos.; Magnolia Capri Associates Ltd.; Mediaplex, Inc.; Soneric, Inc.; Darbe Development Co.; Pier West Partnership; Ice House Center; Univest, Inc.; Belvedere Enterprises, Inc.; Fountainhead Resort Hotel, Inc.; Shrimp, Oyster & Beer Haus, Inc.; Urban Enterprises, Inc.; BRC Oil & Gas; Red Apple Enterprises, Ltd.; East Main Ventures, Inc.; Creative Culinary Systems, Inc.; Original City Associates, Ltd.; and Architectural Antiques, Inc. In general, these businesses were organized as partnerships or S corporations. Petitioner also advanced money to his other businesses. Although petitioner's other business interests were separate from BEI, financing and operation of these businesses were discussedPage: 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