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Administration Co. filed for bankruptcy. Sometime in either
1987 or 1988, during the bankruptcy proceedings, Gallenberger
gave to Kanter Administration Co.'s records, including
Administration Co.'s bank statements and canceled checks and the
records related to Kanter, IRA, and Holding Co. The documents
were never returned by Kanter to Gallenberger. The records would
show the amount of moneys in Administration Co.'s accounts held
for Kanter and the related Kanter entities. Administration Co.'s
bankruptcy was terminated on April 19, 1988.
During Administration Co.'s bankruptcy, a new company called
Administrative Enterprises began its operations. By the end of
the year December 31, 1987, Administrative Enterprises filed its
initial return, which reported cash on hand of $11,548 and
current assets (receivables) of $100.
For each of the years 1979 through 1989, Kanter filed his
individual Federal income tax returns which reported adjusted
gross income and income taxes paid as follows:
Adjusted Gross Income
Year Income (Loss) Tax Paid
1978 ($44,386) $ 1,671
1979 (105,084) –
1980 (155,026) –
1981 (53,614) –
1982 (287,536) –
1983 (819,449) –
1984 (804,482) –
1985 (954,695) –
1986 (1,529,213) –
1987 (2,004,257) –
1988 (1,340,459) –
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