Investment Research Associates - Page 213




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            The payments related to the Prudential transactions are                    
         allocable to Ballard, Lisle, and Kanter in the following amounts              
         for each of the years 1978 through 1989:                                      
         Year      Total      Ballard (45%)  Lisle (45%)     Kanter (10%)              
         1978    $38,394      $17,277          $17,277         $3,839                  
         1979    415,017      186,758          186,758         41,502                  
         1980    870,085      391,538          391,538         87,009                  
         1981    1,039,937    467,972          467,972         103,994                 
         1982    1,577,781    710,001          710,001         157,778                 
         1983    721,812      324,815          324,815         72,181                  
         1984    750,478      337,715          337,715         75,048                  
         1985    780,570      351,257          351,257         78,057                  
         1986    633,532      285,089          285,089         63,353                  
         1987    668,666      300,900          300,900         66,867                  
         1988    629,867      283,440          283,440         62,987                  
         1989    796,649      358,492          358,492         79,665                  
              With regard to the $213,750 paid by Schaffel to IRA in 1983              
         related to a Travelers' financing transaction, as well as all                 
         payments by the Five to Holding Co, the record does not show that             
         any of these payments were ever distributed to Lisle.  We hold                
         that Kanter realized all of the income.                                       
              Schaffel, Frey, and Essex made the following payments to                 
         IRA and Holding Co. during the years 1981 through 1989 that are               
         taxable to Kanter, as follows:                                                
              Year    Schaffel       Frey       Essex     Total                        
              1981       --        $80,616       --       $80,616                      
              1982       --           --       $70,538    70,538                       
              1983    $213,750     16,200      64,125     294,075                      
              1984    600,000      113,827     109,013     822,840                     
              1985    1,160,000    256,557     98,325     1,514,882                    
              1986    1,003,500       --       65,835     1,069,335                    
              1987       --        33,570      98,752     132,322                      
              1988       --           --       96,188     96,188                       
              1989       --           --       42,332     42,332                       







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