- 2 - MEMORANDUM FINDINGS OF FACT AND OPINION Table of Contents FINDINGS OF FACT .......................................... 7 Background ........................................... 7 A. Rose ....................................... 7 B. Printon Kane and Co. and the Printon Kane Group, Inc. ................................ 8 C. PK Ventures ................................ 9 D. PKVI LP .................................... 11 PK Ventures’ Purchase of the Stock of SLPC, TBPC, TPC, and TPTC ............................................. 15 Rose’s Initial Receipt of an Equity Interest in PK Ventures .......................................... 25 The Purchase of Zephyr ............................... 26 Transfers From PK Ventures, TBPC, and TPTC to Zephyr and Zephyr’s Bankruptcy .............................. 29 A. As Described in the Business’s Financial Statements and Income Tax Returns .......... 30 1. 1987 .................................. 30 2. 1988 .................................. 31 3. 1989 .................................. 32 4. 1990 .................................. 33 B. Internal Revenue Service (IRS) Determinations ............................. 34 Rose’s Acquisition of Control of PK Ventures and PKVI LP .............................................. 35 Transfers From PK Ventures to the Zephyr Purchasers .. 42 A. As Described in the Financial Statements and Income Tax Returns for PK Ventures and PKV&S ...................................... 43 B. As Described in the Roses’ Income Tax Returns .................................... 46 C. IRS Determinations ......................... 47 Transfers to PKVI LP ................................. 47 A. Transfers From Unrelated Parties to PKVI LP .................................... 47Page: 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