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purportedly bought from IRA on December 1, 1985 for $10,000.
Kanter paid no cash for this note. His purchase of the note from
IRA was accomplished through an adjusting journal entry on the
books of IRA.
Weisgal was trustee of the R Trust. The R Trust issued a
$1,000 note to Holding Co. dated August 29, 1978; a $20,000 note
to Holding Co. dated November 21, 1979; and a $31,500 note to
Kanter dated February 2, 1978. Through Administration Co.
bookkeeping entries, Kanter acquired the notes receivable
totaling $21,000 due from the R Trust to Holding Co. on August
29, 1986. Kanter paid no cash for this note, but his amount due
to Administration Co. was increased by $21,000. In 1988, in
exchange for $10,000 of its $64,000 note payable to HELO, Zeus
acquired a $10,000 note receivable of the R Trust from HELO.
Administration Co. wire-transferred $15,000 to Virginia
Arlington F/C Arlington Carpentry, Inc. (Arlington), on November
27, 1985. Administration Co. filed a financing statement that
covered Arlington's equipment and receivables. Administration
Co. wired the funds to Arlington at Kanter's direction. Kanter
did not know the individual at the head of Arlington. However,
that individual was a friend of Kanter's son, Joel, who was
having some work done by Arlington. Joel asked Kanter to send
the money to Arlington, and Kanter agreed.
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