- 26 - No food or entertainment was offered to the public either on the premises or inside the building during those years. B. 1992 and 1993 Because of the many difficulties petitioners encountered in financing and completing the renovation of the 5401-9 S. Broadway property, petitioners were forced to alter their original plans. They put their plans for the 5-4 Ballroom on hold and decided to open a “Bluesroom” on part of the building’s first floor. Beginning in August 1992, petitioners permitted a few performances and fundraising events to be held on the 5401-9 S. Broadway property. As of that date, however, and continuing through 1993, petitioners did not yet have any functioning restaurant or entertainment facility that petitioners operated for profit. Any events held on the 5401-9 S. Broadway property during 1992 and 1993 were organized by volunteers who collected admission fees and used the admission fees to offset the cost of the event and to pay the performer. Petitioners did not retain any of the receipts from the events and charged no rent for the use of the property. Petitioners viewed these events as opportunities to promote the Bluesroom and to solicit investors who might be willing to invest funds to complete the renovation of the property. During 1992 and 1993, petitioners did not maintain any general ledger, cash receipts and disbursements journals, orPage: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Next
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