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Advance Leasing owed the following to Bob Hughes, George R.
Hughes Enterprise Limited Partnership (HELP),4 H & R Properties,5
and the Trust:
Year ended Dec. 31
Creditor 1994 1995 1996 1997 1998 1999
Bob Hughes-
Note payable -- $10,000 -- -- -- --
Accrued int. -- 350 -- -- -- --
Total -- 10,350 -- -- -- --
H & R Props.-
Note payable $755,640 $100,000 $100,000 $100,000 $100,000
$100,000
Accrued int. -- 4,754 -- 5,480 10,960
16,440
Total 755,640 104,754 100,000 105,480 110,960
$116,440
HELP-
Note payable -- $707,640 $782,640 $832,640 $782,640
$382,640
Accrued int. -- 38,325 81,617 126,676 170,735
208,628
Total -- 745,965 864,257 959,316 953,375
591,268
Trust-
Note payable -- -- -- -- $50,000
$50,000
Accrued int. -- -- -- -- 5,000
9,500
Total -- -- -- -- 55,000
59,500
Grand total $755,640 $861,069 $964,257 $1,064,796 $1,119,335
$767,208
Advance Leasing reported $29,663 of taxable income before
net operating loss deductions on its 1997 income tax return.
D. HELP
GRH Trust was a general partner of HELP. Children and
grandchildren of decedent and her husband were the limited
partners. GRH Trust, as general partner, held a .581-percent
interest in HELP, and the children and grandchildren (the limited
4 George R. Hughes Enterprise Limited Partnership is
described in par. D, below.
5 H & R Properties was a Schedule C business owned by Bob
Hughes and decedent.
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Last modified: May 25, 2011