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then sold the motor home a few months later for the same amount.
B. David J. Morova
Raymond and David J. Morova (Morova) are friends who met
through their dealings in sports memorabilia. Raymond helped
Morova start a small retail business called Davey's Cards,
Comics, and Collectibles (Davey's Cards). Raymond and Morova
initially intended to operate the store as a partnership.
Raymond helped Morova obtain a vendor's permit and tax ID number,
stocked the store with hobby supplies, and provided the store
with a few video games. Morova put in his comic book and card
collections. The store opened in late January 1990. Sometime
thereafter, Raymond and Morova agreed that the store would be
Morova's alone.
During the first year of operation, Davey's Cards was the
only store in the area. Morova was able to pay the bills and
build up his stock. After the first year, at least four
additional stores opened within 2 miles of Davey's Cards. About
the same time, card packs became more expensive. As a result,
the business slowly died. Raymond and Morova agreed that all
income from the operation of Davey's Cards belonged to Morova,
and Morova reported the income on his Federal income tax returns.
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