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Kanter was the owner of the interests of BRT in LICCDC (or
Cablevision), including, but not limited to, BRT's interests in
OBA, HB, BW, and YP.
During the years 1981 to 1986, certain income that Kanter
earned was credited to BRT's capital account with Century
Industries. (See Century Industries Findings of Fact). Century
Industries distributed $4,900 to BRT in each of the years 1982,
1983, and 1984.
Kanter earned half the income distributed by Century
Industries to BRT. (See Century Industries Findings of Fact).
IRA, Holding Co., and Windy City were three of Kanter's sham
corporations used by Kanter to conceal and shift his income. BRT
was the sole shareholder of IRA and Windy City and was a
substantial shareholder of Holding Co.
Kanter assigned substantial amounts of his income to IRA and
Holding Co. Kanter transferred assets to Windy City for less
than adequate consideration, thereby increasing the value of
BRT's stock in Windy City. Kanter sold "notes receivable" or
stock to Windy City for nominal consideration and claimed a loss
on the transfer. The receivables, however, had value. The
transfers of stock and receivables increased the value of BRT's
stock in Windy City to the extent the value of the notes
receivable or stock exceeded the nominal consideration paid by
Windy City.
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