- 467 -
Year Amount
1979 $46,049
1980 13,778
1983 56,280
Respondent disallowed in full the investment tax credit
carryovers claimed by IRA for 1982 through 1987.
1. Schott
Schott was an officer and director of IRA in 1979. Despite
the fact that IRA's Federal income tax returns indicate that
Schott was a 50-percent owner of IRA, she had no knowledge
regarding her participation in that entity as an equity owner.
Previously, Schott had been an officer of Cedilla Invest.
starting in 1974 or 1975. She served as president of Cedilla
Invest., yet did not know what she did for the company.
Schott executed documents on behalf of Cedilla Invest. with
respect to equipment leasing transactions without knowing who
prepared the documents or the purpose of the documents. She did
not recall negotiating any leasing transactions on behalf of
Cedilla Invest.
2. Mallin
Mallin was asked to be a director of Cedilla Invest. by
Kanter, a friend and former law partner, at a time when Mallin
did not know who owned Cedilla Invest. Mallin was generally not
familiar with IRA or Cedilla Invest. or their officers and
directors.
Page: Previous 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 NextLast modified: May 25, 2011