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Basis Weighted Basis Int'l Films
Receivable Int'l Films Average IRA Writeoff
Safari $98,450 8.37 $42,495 $55,955
CMB Cinema 70,650 6.01 30,513 40,137
CMB Cinema II 16,675 1.42 7,209 9,466
RWL Cinema 21,500 1.83 9,291 12,209
RWL Cinema II 67,839 5.77 29,295 38,544
HGA Cinema 133,695 11.37 57,726 75,969
Elk Invest. 76,500 6.50 33,001 43,499
Inter Alia 125,000 10.63 53,969 71,031
Hargen 8,000 0.68 3,452 4,548
HELO 180,800 15.37 78,035 102,765
Ballard 196,684 16.72 84,889 111,795
Lisle 28,284 2.40 12,185 16,099
Abernathy 67,098 5.70 28,939 38,159
CMB Cin. Vent. 250 0.02 102 148
Holding Co. 29,500 2.51 12,743 16,757
1984 Pship. 55,288 4.70 23,862 31,426
Total 1,176,213 100 507,706 668,507
IRA immediately sold the partnership interest in 1984
Development, Ltd., for $1,000 and 10 of the notes (HELO, Safari, CMB
Cinema Trust, CMB Cinema Trust II, RWL Cinema Trust, RWL Cinema
Trust II, HGA Cinema Trust, Elk Investment Partnership, Inter Alia,
and Hargen) for $1 each to another Kanter entity, MAF, Inc. (MAF),40
and IRA claimed capital losses on the sale or exchange of such
notes.
As reflected by a memorandum dated July 17, 1987, Freeman
(IRA's president) and Gallenberger agreed that the loans IRA was
holding that had been made to Ballard and Lisle, individually, and
to their respective grantor trusts would be "forgiven". IRA claimed
bad debt deductions with respect to the Ballard notes, the Lisle
40
MAF was a wholly owned subsidiary of Computer Placement
Services, Inc. (Computer Placement Services).
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