- 3 -
Petitioner moved to the Sacramento area in 1960 and began to
buy old houses, remodel them, and rent them. Petitioner used
this rental income to pay the mortgages, to reinvest, and as a
source of income. In 1965, petitioner began to purchase other
types of properties (e.g., ranches, farms, shopping centers).
Stockton/Elsie Property
In 1989, petitioner purchased a 22.14-percent interest in
the Stockton/Elsie property (Stockton/Elsie) from SKK Exchange
for $390,867.1 At the time of purchase, Angelo Tsakopoulos
(hereinafter, Angelo), petitioner’s brother, already owned an
8.18-percent interest in Stockton/Elsie.2 From 1958 until 1989,
Stockton/Elsie operated as a gasoline and diesel dispensing
facility, a vehicle washing facility, and a mechanical repair and
maintenance operation facility. Prior to 1979, other entities
held the interests in Stockton/Elsie, including Phillips
Petroleum Co., Lion Oil Co., and its successor Tosco Corp. From
1979 to 1989, Angelo was principally responsible for managing the
property, although many other parties held ownership interests.
1 Amounts are rounded to the nearest dollar.
2 Angelo often conducted business under the name AKT
Development or AKT Investments.
Other owners at petitioner’s time of purchase included SKK
Exchange, Inc. (14.68 percent), Jack Sioukas (17 percent), and
Eppie Johnson (38 percent).
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