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No direct references were made and no explanations were
provided in PK Ventures, TBPC, or TPTC’s financial statements for
the year ended December 31, 1987, as to the amounts that
PK Ventures, TBPC, and TPTC transferred to Zephyr during that
year.
No direct references were made and no explanations were
provided in PKV&S’s consolidated income tax return for 1987 as to
the amounts that PK Ventures, TBPC, and TPTC transferred to
Zephyr during that year. There were also no amounts separately
identified as interest payments received and/or imputed by
PK Ventures, TBPC, or TPTC from Zephyr on PKV&S’s consolidated
income tax return for 1987.
2. 1988
No direct references were made and no explanations were
provided in Zephyr’s Form 1120S for 1988 as to the amounts that
Zephyr received from Printon Kane, PK Ventures, TBPC, or TPTC
during that year. On the Schedule L attached to that return,
Zephyr reported $7,318,462 of “Mortgages, notes, bonds payable in
less than 1 year”, $677,132 of “Other current liabilities”, and
$730,189 of “Mortgages, notes, bonds payable in 1 year or more”
as of the end of 1988. There were no amounts separately
identified as interest payments made and/or imputed by Zephyr to
PK Ventures, TBPC, or TPTC on Zephyr’s Form 1120S for 1988.
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