- 183 - partners in the CMB Cinema Venture partnership. As of the end of 1987, CMB Cinema Venture partnership was a shareholder of Int'l Films. The movie ventures in which the trusts invested proved unsuccessful and were not profitable. Substantial losses from the ventures were reported by Ballard on his income tax returns. The Internal Revenue Service later disallowed the deductions that Ballard claimed on his tax returns with respect to these movie investments. As a result, the Ballards were required to pay additional taxes. In July 1985, Mrs. Ballard borrowed $160,000 from TMT to pay this income tax liability. Kanter entities made the following loans to Ballard, his family members, and entities established for the benefit of his family members:Page: Previous 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 Next
Last modified: May 25, 2011