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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:
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