- 192 -
Although some of the receivables indicated an interest rate,
there is no evidence that any interest was ever paid, and the
outstanding balances were never increased to reflect accruing
interest.
In 1987, IRA held 1,500 shares of stock in Int'l Films.
IRA's basis in the Int'l Films stock was $65,000. Additionally,
in 1987, IRA had a $507,648 receivable owing to it by Int'l
Films.
Int'l Films' trial balance sheet for the taxable year ending
8/31/87 showed the following:
Assets
Receivables
Safari Trust $98,450
CMB Cinema Trust 70,650
CMB Cinema Trust II 16,675
RWL Cinema Trust 21,500
RWL Cinema Trust II 67,839
HGA Cinema Trust 133,695
Elk Investment 76,500
Inter Alia 125,000
Hargen 8,000
HELO1 180,800
Ballard 35,784
Ballard II 160,900
Lisle 28,284
HGA Cinema Trust 67,098
CMB Cinema Venture 250
Holding Co. 29,500
Total receivables 1,120,925
Other assets
1984 Development Partnership 55,288
Other taxes 80
Total assets 1,176,293
Liabilities
Cash deficit 60
IRA 507,648
I&F Corp. 774
Total liabilities 508,482
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