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the nursing homes for a profit when he retired, but that was not
a significant consideration for him when he bought them.
Petitioner was the sole shareholder of LCAK and LCAU in 1993
and 1994. Petitioner, doing business as Financial Perspectives,
spent an increasing amount of time managing the nursing homes
after 1985, and spent about 97 percent of his time managing them
in 1993 and 1994 and about 3 percent of his time on financial
services.
Petitioner’s annual income from providing financial services
was $60,000 to $80,000 before he bought the nursing homes.
C. Other Loans
Petitioner borrowed money from County Savings Bank,
Braddock, the Skidmores, Dean and Maxine Williams, State Savings
Bank, and 5th Third Bank to acquire operate, improve, and develop
the nursing homes as follows:
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Last modified: May 25, 2011