- 8 - On August 8, 1986, the bankruptcy court appointed a trustee, John Roberts, to administer the estate. Mr. Roberts decided not to have the estate develop either Frenchtown Hills or the Auburn Bluffs property. Mr. Roberts asked the bankruptcy court on August 15, 1986, to approve the estate’s employment of a firm to market and sell Frenchtown Hills. Each lot in Frenchtown Hills was sold during the estate’s administration at its fair market value. Petitioner did not object to those values. The estate was unable to sell petitioner’s Auburn Bluffs’ partnership interest. Instead, the trustee reached a stipulated settlement with Auburn Bluffs’ partners. Petitioner paid $10,000 to the estate for the claim against the DOE. At the request of Mr. Roberts, Michael Owen, a certified public accountant, prepared fiduciary income tax returns for each of the estate’s taxable years ended June 30, 1986 through 1990, and for a short period ended on December 31, 1990. Mr. Owen obtained from Mr. Roberts, petitioner, and/or third parties information as to the bases of property sold during the relevant years. Mr. Roberts filed with the Commissioner each of the returns prepared by Mr. Owens. The Commissioner destroyed those returns. Mr. Roberts retained unsigned copies of the returns. On April 19, 1993, Mr. Roberts filed his final report and proposed distribution with the bankruptcy court as to the estate.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