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FINDINGS OF FACT
Background of Petitioners
Anthony J. Ferrentino (Ferrentino) was the president and
sole shareholder of AJF during the years at issue. Ferrentino
resided in Williamsville, New York, at the time the petitions
were filed. Ferrentino married Carol Ferrentino on December 30,
1954. They separated in the fall of 1985, and on April 6, 1989,
they entered into a Separation Agreement, Support and Property
Settlement (Separation Agreement).
Under the Separation Agreement, Ferrentino was obligated to
pay Carol $376,000 over 8 years. Specifically, Ferrentino was
required to pay Carol Ferrentino $22,000 per year from 1989 to
1992, and was thereafter obligated to pay at least $22,000 per
year until the remainder of the obligation was satisfied.
Ferrentino has not paid all the amounts reflected in the
Separation Agreement. At various times between 1989 and 1991,
Ferrentino asked Carol to modify their Separation Agreement, or
forbear his obligation to pay the required amounts. Ferrentino
told Carol that she would recognize a greater return on her money
if she allowed Ferrentino to keep the funds owed invested in AJF.
Their divorce became final on May 4, 1990.
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