Investment Research Associates - Page 3




                                        - 3 -                                         
               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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