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Asset and Walter Turner IRA. The return reported that these
partners had received the following distributions during 1998:
Money Other than Money Total
Sunroad Asset
as a general partner $14,906 $348,451 $363,357
as a limited partner 3,077 71,923 75,000
Walter Turner IRA 1,231 28,769 30,000
Sunroad general partnership reported on its 1998 partnership
return that as of December 7, 1998, its partners were Sunroad
Asset and Walter and Marian Turner Family Trust. The return
reported that these partners had received the following
distributions during 1998:
Money Other than Money Total
Sunroad Asset $62,799 ($4,886,102) ($4,823,303)
Walter Turner IRA 417 (32,417) (32,000)
In or about July 1999, Sunroad limited partnership and MONY
executed an Allonge to the $13.5 million promissory note. The
Allonge provided that Sunroad limited partnership had assumed
HCMP’s obligations under the MONY Loan. The Allonge also
provided that Sunroad Asset and Marina Holdings were not released
from any obligation under the $13.5 million promissory note by
virtue of their status as general partners of HCMP before its
dissolution and that such was so notwithstanding HCMP’s
dissolution and the present assumption. Sunroad limited
partnership reported on its 1998 partnership return that its
general partner was Sunroad Asset and that its limited partners
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