- 4 - for the lease from Bison Leasing Co. of certain computer hardware. This lease was eventually assigned to the Fleet Credit Corp./Denrich Leasing Group. The computer hardware was leased for the sole benefit of and use by Mr. Kelley. From March 21, 1988, through January 31, 1991, petitioner paid $9,565 under this lease. On September 14, 1989, petitioner executed a lease with Active Leasing, Inc., for a 1990 Plymouth Acclaim automobile for Mr. Kelley's use. This lease was eventually assigned to Bank One of Akron. During Mr. Kelley's use of the vehicle, petitioner paid $7,787 in connection with this lease. On April 5, 1990, petitioner entered into a 3-year lease agreement with James-McGuire Associates for the lease of certain computer hardware. This lease was eventually assigned to Orix Credit Alliance. This computer hardware was also leased for Mr. Kelley's use. From April 5, 1990, through January 31, 1991, petitioner paid $13,873 under this lease. The initial entity formed for the development and production of the computer program was Transnational Information Controls, Inc. (TIC). TIC was incorporated under the laws of the State of Ohio on January 26, 1989. Petitioner owned 50 of the 764 outstanding shares of TIC. Petitioner provided legal services to TIC in exchange for his TIC stock.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
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