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Mark E. O'Leary, John J. Comeau, James M. Cascino, Jonathan
P. Decatorsmith, James M. Klein, G. Roger Markley, and Pamela V.
Gibson, for respondent.
CONTENTS
Issue 1. Whether Payments Made By the Five in the
Prudential, Travelers, and Kanter Transactions During
the Years at Issue Are Properly Taxable to Kanter,
Ballard, and Lisle, and, if so, whether they are liable
for the fraud additions to tax and penalty with respect
to such income ..................... 25
FINDINGS OF FACT ...................... 25
I. Background ....................... 25
A. Petitioners' Residences and Principal Place of
Business ..................... 25
B. Kanter ...................... 26
C. Ballard ...................... 28
D. Lisle ....................... 29
II. The Kanter Enterprise ................. 30
A. Overview ..................... 30
B. Investment Research Associates, Inc., and Its
Subsidiaries ................... 34
1. IRA Stock .................. 34
2. IRA Stockholders ............... 35
a. Mildred Schott and Delores Keating ... 36
b. The Bea Ritch Trusts .......... 37
3. IRA Officers and Directors .......... 40
4. IRA Subsidiaries ............... 41
C. Holding Co. .................... 42
D. Administration Co. and Principal Services: The
Banking Corporations ............... 43
E. The Other Lending Corporations .......... 46
1. HELO ..................... 47
2. Int'l Films ................. 48
III. Transactions Involving the Five ............ 48
A. The Weaver Arrangement: Hyatt Corp.'s Embarcadero
Hotel Management Contract ............. 49
B. The Frey Arrangement: Condominium Conversions. .. 57
C. The Schaffel Arrangement: Real Estate Construction
and Financing ................... 71
1. Schaffel/Prudential Transactions ....... 73
2. Schaffel/Travelers Transactions ....... 75
3. FPC Subventure Associates Partnership .... 77
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Last modified: May 25, 2011