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distributions to Ballard and Lisle or trusts established for the
benefit of their families.
1. HELO
HELO's predecessor, Harbor Investments, Inc., was
incorporated on July 21, 1978, and the stated business purpose
was investments. The name was changed in fiscal year ending
August 31, 1980, to Harbor Exchange Lending Operation. The
Active Business Corp. (Active) owned 100 percent of the voting
stock of HELO. Holding Co. owned 100 percent of the stock of
Active and filed consolidated returns with HELO and Active.
On August 31, 1984, all of the shares of HELO were
transferred by Active to Kanter as the trustee of the ARO Trusts.
At the time of the transfer, HELO's only significant assets were
loan receivables totaling $2,331,326, and its liabilities
included short-term loans of $2,518,589 and long-term loans of
$10,557. Holding Co. also disposed of 100 percent of the voting
stock of Active Corp. in 1984.
Holding Co.'s consolidated returns reported the following
income, net assets, and stockholder equity with respect to
HELO:11
11
The record does not contain the information for 1982.
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