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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, 1988, as to the amounts that
PK Ventures, TBPC, and TPTC transferred to Zephyr during that
year. Furthermore, no mention of Zephyr’s bankruptcy was made in
PK Ventures, TBPC, or TPTC’s financial statements for the year
ended December 31, 1988.
On the Schedule L attached to PKV&S’s consolidated income
tax return for 1988, TBPC and TPTC reported a total of $385,603
due from Zephyr under “Other assets” as of the end of that year.
Of this amount, $263,296 was attributable to TBPC and $122,307
was attributable to TPTC. These amounts were described as “DUE
FROM UNCONSOLIDATED SUBSIDIARIES”. There were 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 1988.
3. 1989
No direct references were made and no explanations were
provided in Zephyr’s Form 1120S for 1989 as to the amounts that
Zephyr received from Printon Kane, PK Ventures, TBPC, or TPTC
during that year. Furthermore, no Schedule L was attached to
this return. 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 1989.
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