- 193 -
Stockholder equity
Preferred 150
Common 606
Paid-in capital 655,889
Retained earnings 11,167
Total equity 667,812
1Int'l Films received the HELO receivable in exchange for
the Summit Trust receivable of $96,100 and Basking Ridge Trust
receivable of $84,700.
IRA advanced $60 to cover Int'l Films' cash deficit and
increased the receivable owed by Int'l Films from $507,648 to
$507,708. On December 17, 1987, IRA canceled the $507,708
receivable due from Int'l Films in exchange for (1) the interest
in 1984 Development partnership valued at $55,28839 plus (2)
$1,120,925 of receivables. IRA had transferred the interest in
1984 Development partnership to Int'l Films in 1983. Thus the
notes and partnership interest that Int'l Films transferred to
IRA constituted all of Int'l Films' assets.
IRA apportioned the $507,708 basis in the Int'l Films
receivable among the receivables transferred to IRA from Int'l
Films and the interest in the 1984 Development, Ltd.,
partnership interest as follows (balance differences are due to
rounding):
39
IRA had transferred the interest in the 1984 Development
partnership as part of the 1983 writeoff. The value of the
interest for that transfer was $86,400.
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