- 5 -
On February 23, 1993, FLS Realty Trust acquired the land and
building located at Canal, Mill, and Methuen Streets, Lawrence,
Massachusetts (the FLS Realty Trust property). This property was
subsequently leased to KGR to alleviate a parking shortage around
KGR's offices.
On July 14, 1993, and May 16, 1994, respectively, GES Realty
Trust and RMS Realty Trust acquired properties located near the
Everett Mill, Kunhardt Mill, and FLS Realty Trust properties.
These properties were acquired in anticipation of future expansion
of KGR's business; they were not rented to KGR during the years in
issue.
KGR
KGR, incorporated in Massachusetts, has its principal place of
business in Lawrence, Massachusetts. For Federal income tax
purposes it is a subchapter C corporation. KGR is engaged in the
business of manufacturing women's and children's apparel under
private labels for such customers as Nordstrom, Talbots, and
Dillards.
During the years in issue, petitioner was the president,
treasurer, and sole director of KGR. With the exception of its
retail sales operation, which was managed by Mrs. Sidell, Mr.
Sidell managed every facet of KGR's day-to-day activities.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011