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cooperation agreement does not refer to any joint venture between
any of the parties.
The total gross revenue from exhibition fees for the foreign
trade shows held during the last 7 months of the fiscal year
ended July 31, 1995, was $13,071,216, and for the foreign trade
shows held during the fiscal year ended July 31, 1996, was
$20,687,586.
Lease payments were made to Expocentr totaling $3,143,873
for foreign trade shows held during the last 7 months of the
fiscal year ended July 31, 1995, and $7,003,947 for foreign trade
shows held during the fiscal year ended July 31, 1996. Receipts
from foreign trade shows held from December 31, 1994 through July
31, 1996, were used to make these lease payments.
Factoring in adjustments to gross receipts agreed to by
petitioner and respondent and disregarding receipts from trade
shows conducted solely by petitioner and from shows conducted
outside the former Soviet Union, foreign trade shows held from
December 31, 1994 through July 31, 1995, produced the following
net profit:
Gross exhibition revenues $13,071,216
Less: Crocus’s direct expenses substantiated 3,310,605
Less: Expocentr rent payments substantiated 3,143,873
Less: Petitioner’s direct expenses 2,345,509
Net Profit 4,271,229
Factoring in adjustments to gross receipts agreed to by
petitioner and respondent and disregarding receipts from trade
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