Faramarz and Mitra Elghanian - Page 10

                                       - 10 -                                         
               Petitioner was not engaged in the sale of stock as a trade             
          or business in 1979.  Petitioner owned a rental apartment near              
          London that he had received as a gift.  He never lived in that              
          apartment.                                                                  
          C.   Events in the 1980s                                                    
               1.   Filing of Petitioner’s Family’s Expropriation Claim               
               Petitioner and his family learned of the expropriation in              
          1980.  On May 15, 1980, petitioner’s father, on behalf of his               
          immediate family, filed with the Office of Foreign Assets Control           
          of the United States Department of the Treasury a claim for the             
          expropriated property (Census of Claims by United States Persons            
          Against Iran).  In it, petitioner’s father claimed expropriation            
          losses of $113,530,000, including stock which he valued at                  
          $11,580,000; the Customs Administration Building which he valued            
          at $20 million; other real property which he valued at $10.45               
          million; loans which he valued at $1.5 million; and tangible                
          personal property which he valued at $70 million.  Petitioner               
          signed the claim.  In the claim, petitioner’s father stated that            
          the date of loss was June or July 1979.  Petitioner’s family                
          prepared the form from memory.  None of the property listed in              
          the claim was ever connected with a trade or business in the                
          United States.                                                              









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