- 3 -
represented clients before the IRS, established trusts and
provided estate planning services for clients, was a member of
the North Carolina Bar Association Section of Taxation (which he
had previously chaired), chaired the Southeastern Region Special
Liaison Tax Committee (not further identified in the record), and
managed his law firm. Also in those years, petitioner was an
elder of the Calvary Church and a member of its finance and
building committees. He also negotiated a $17 million
construction loan for the Calvary Church, formed the St.
Catherine partnership with two of his law partners to manage the
construction and leasing of a building for Weinstein and
Sturgess, cared for his mother during a long illness, invested in
a Texas corporation that was the plaintiff in a class action
lawsuit for which petitioner hired the attorney and in which he
participated extensively, and was a member of the board of
directors of One Price Clothing Stores, Inc., discussed at
paragraph B-2, below.
B. Petitioner's Investment in Women's Clothing Stores
1. Formation of J.K. Apparel
In 1984, Edward and Arlene Karp (the Karps), Henry Jacobs
(Jacobs), Raymond Waters (Waters), John Waters, and petitioner
decided to open a women's clothing store which would sell
everything at one price. In June 1984, they incorporated J.K.
Apparel, Inc. (J.K. Apparel), in North Carolina. J.K. Apparel
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011