- 8 -
time not disclosed by the record after 1986, petitioner ques-
tioned Mr. Monsour about whether Mr. Monsour’s Florida invest-
ments were worthwhile, to which he responded that they were.
Except for having informed petitioner that he thought his Florida
investments were worthwhile, Mr. Monsour did not discuss with
petitioner any of the nontax business aspects of Mr. Monsour’s
investments.
In 1986, Mr. Monsour began to experience tax problems when
Congress enacted certain provisions into the Code that in general
eliminated the favorable tax treatment that the Code had previ-
ously permitted with respect to at least certain of Mr. Monsour’s
Florida investments. Starting in 1986, Mr. Monsour also began to
experience certain nontax problems with at least certain of those
investments, including those discussed below.
At a time not disclosed by the record, Highlander Properties
Enterprises, Inc. (Highlander Properties Enterprises), commenced
an action in the Circuit Court of the Twelfth Judicial Circuit in
and for Sarasota County, Florida (Florida Circuit Court) against,
among others, petitioner and Mr. Monsour (Florida Circuit Court
action). As a result of that action, on July 12, 1993, units 1,
2, 4, 5, 6, 201, 202, 203, 204, 205, 401, 402, 403, 404, and 405
of the Three Crowns Hotel were sold to Highlander Properties
Enterprises in a foreclosure sale. Thereafter, on a date not
disclosed by the record in 1994, petitioner and Mr. Monsour
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