- 5 - of the transfer of jewelry from Khalaf to American Silver are not disclosed in the record. In a special September 24, 1992, meeting of the board of directors of American Silver, the transfer of the jewelry from Khalaf to American Silver is referred to as a transfer “for sale by consignment” of jewelry with “a value of $671,413”. The trial record does not reflect any further sales or other disposition by American Silver of the jewelry inventory it received from Khalaf, nor does it reflect that Khalaf received any payment from American Silver for the jewelry American Silver received from Khalaf. The record herein does not contain any written inventory, documentation, cost records, or other description or list of the specific items of jewelry that during the years in issue were bought and sold by Al Zuni, by Khalaf, and by American Silver, nor of the items of jewelry that were transferred on September 15 and 24, 1992, respectively, from Al Zuni to Khalaf and from Khalaf to American Silver. Twice a year, Khalaf would take a physical inventory of Al Zuni’s jewelry on hand. Khalaf would provide to Murray Peck (Peck), the certified public accountant who prepared Al Zuni’s corporate Federal income tax returns and Khalaf’s individual Federal income tax returns, information regarding the physical inventory of Al Zuni’s jewelry that Khalaf had taken and of the cost of jewelry that each year he had purchased with cash onPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011