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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 .................................... 47
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Last modified: May 25, 2011