- 159 -
1984 1985 1986 1987 1988
Income
Interest $4,191 $13,639 $6,586 $684 $3,090
Commission 103,500 128,763 -- -- --
Partnership (203,947) (198,310) -- (31,204) (166,802)
Total Income (96,256) (55,908) 6,586 (30,520) (163,712)
Deductions (217) (727) (4,600) (105) (275)
Net income (96,473) (56,635) 1,986 (30,625) (163,987)
NOL –- (96,473) (153,108) (151,122) (181,747)
Taxable (96,473) (153,108) (151,122) (181,747) (345,734)
Assets
Cash 219 855 3,971 3,866 3,591
Loan rec. 871,028 871,028 871,028 871,028 871,028
Partnerships (224,822) (424,040) (424,040) (454,560) (618,272)
Pooled funds 110,091 251,130 -- -- --
Non-mar. sec –- -- 250,000 250,000 250,000
Total 756,516 698,973 700,959 670,334 506,347
Liabilities -– –- –- –- –-
Net assets 756,516 698,973 700,959 670,334 506,347
Capital stock 100 100 100 100 100
Capital 49,900 49,900 49,900 49,900 49,900
surplus 706,516 648,973 650,959 620,334 456,347
Retained earn.
The Frey corporation paid Zeus $103,500 in 1984 and $128,763
in 1985 (totaling $232,263). During 1984, Zeus transferred
$5,028 to Holding Co. The transfer increased the Holding Co.
receivable from $802,000 owed by Holding Co. at the beginning of
the year to $807,028 owed at the end of the year. During 1986,
Zeus purchased 25 shares of preferred stock in another Kanter
entity called Windy City, Inc. for $250,000. During 1988, Zeus
eliminated the HELO receivable in exchange for the following
receivables owed to HELO by the parties indicated:
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