- 119 -
Capital stock
Preferred -- -- -- --
Common 100 100 100 100
Capital surplus
Retained earn. (1,140,391) (1,536,819) (1,061,295) (1,490,783)
1988-89
In December 1988, IRA acquired 850 shares (85 percent) of
Decisions Holding Corp. in a section 351 exchange for all of its
shares of Cedilla Invest. and Zeus, plus $60,000.25 Zeus
continued to hold an $807,028 receivable from Holding Co. plus
$64,000 of receivables (exchanged during 1988 for a $64,000
receivable from HELO). No payments were made by Holding Co. or
the others on the receivables, and no efforts were ever made to
collect on the receivables.
25
On IRA's 1988 consolidated return, IRA reported that it
contributed $60,000 to Decisions Holding Corp. in the sec. 351
transaction in exchange for 85 percent of the stock of Decisions
Holding Corp. The return, however, also reported the transfers
of IRA's stock in Cedilla Invest. and Zeus to Decisions Holding
Corp. See infra Issue 23.
Page: Previous 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 NextLast modified: May 25, 2011