- 7 - During 1988, petitioner contracted with Holtz to build a large addition on the Babcock building. Because Holtz planned to relocate out of State, the company prepared a second construction contract naming Ben Corey Building Contractor (Corey) as the contractor to perform the work described under the first contract. The cost of the construction work to be performed under both contracts totaled $162,000. During August and September 1988, petitioner paid $20,000 in cash to Holtz pursuant to the first contract. Holtz retained $15,000 of the $20,000 payment as its fee for completing the building design plans and preparing the contract. Holtz transferred the remaining $5,000 to Corey. During 1988, petitioner paid a total of $90,825.32 to Corey under the second contract. During 1989, petitioner paid a total of $72,062.64 to Corey under the second contract. Petitioner made a substantial number of payments to Corey in cash. During 1988, petitioner paid $1,500 to James E. Lignelli for an appraisal of the Babcock property. During 1988, petitioner paid $547 to Tait Engineering for a survey of the Babcock property. During 1988, petitioner paid $341 to Ross, Schonder, Sterzinger, Cupcheck, P.C., an architectural engineering firm, for services rendered with respect to the Babcock property.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