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Fiscal Cash Current Assets Total
Year on Hand (Notes Receivable) Assets
6-30-83 $77,735 $ 998,118 $1,117,457
6-30-84 23,941 4,501,125 4,577,701
6-30-86 55,821 4,365,144 4,512,704
Some of Administration Co.'s receivables represented money
distributed to Kanter or trusts for the benefit of his family.
For example, in 1984, Administration Co. distributed $660,000 to
Kanter that was recorded as a receivable. Administration Co.'s
trial balance for the twelve months ended 6/30/84 reflects the
following notes receivable from Kanter and his grantor trusts:
Entity Amount
Everglades Trust 1-5 $23,595
Everglades Trust 2 1,000
Everglades Trust 3 1,000
Everglades Trust 4 1,000
Kanter, Burton W. 660,845
Total $687,440
As of January 1, 1987, Kanter's general ledger indicated
that Administration Co. had distributed a total of $1,056,751 to
him. By the end of Administration Co.'s fiscal year ended June
30, 1987, its total assets were as follows:
Fiscal Cash Current Assets Total
Year on hand (Notes Receivable Assets
6-30-87 $ 100 $6,929 $63,880
Administration Co.'s return for the year ended June 30,
1987, was the last return filed for Administration Co. Although
the receivables on Administration Co.'s books decreased, as of
October 31, 1987, Kanter still had an outstanding loan from
Administration Co. in the amount of $1,346,641.
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