- 86 - shareholder utilized the corporation to steal from, embezzle from, or otherwise defraud other stockholders or third parties dealing with the corporation or shareholder.” Id. at 1297; see also United States v. Peters, 153 F.3d 445 (7th Cir. 1998) (citing Truesdell with approval). Respondent contends that the instant case should be governed by Leaf rather than Truesdell because petitioner took the funds at issue to defraud a third party (Northwest) dealing with the corporation. We disagree. The unreported income issue is new matter which respondent raised by amendment to answer to the amended petition. Therefore, respondent has the burden of proof on this issue. Rule 142(a). Respondent has not shown by a preponderance of the evidence that the funds taken by petitioner belonged to Northwest as opposed to IL NA Tours or one of the other corporations of which petitioner was the sole shareholder. Northwest issued the ticket stock to petitioner’s corporations at a large discount. Money for the ticket stock was due after the tickets were sold. The corporations were entitled to substantial commissions for the sold tickets. There is no evidence that IL NA Tours, or any of petitioner’s other corporations, segregated the funds due Northwest or that the consolidator agreement required them to do so. In addition, the NA Tours companies served as consolidators for Korean Air Lines, and Air America andPage: Previous 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 Next
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