-3-
VI. Structure of the Court’s Report ............ 35
ISSUE I. Whether Kanter, Ballard, and Lisle Earned and Are
Taxable on the Income in Dispute ......... 37
FINDINGS OF FACT
I. Petitioners ....................... 38
A. Burton W. Kanter ................. 38
B. Claude M. Ballard ................. 41
C. Robert W. Lisle .................. 43
D. Additional Findings of Fact Regarding Ballard
and Lisle ..................... 45
1. Ballard .................... 45
2. Lisle ..................... 46
E. Kanter-Related Entities .............. 47
1. Investment Research Associates, Ltd.(IRA) ... 47
a. IRA’s Shareholders ............ 48
b. The Bea Ritch Trusts ........... 49
c. IRA’s Officers and Directors ....... 50
d. IRA’s Subsidiaries ............ 52
e. IRA’s Business Activities ......... 53
2. Carlco, Inc., TMT, Inc., and BWK, Inc. .... 53
3. Additional Findings of Fact Regarding The
Holding Co. .................. 56
a. THC’s Shareholders, Officers,
and Directors ............... 57
b. THC’s Tax Returns ............. 58
4. The Administration Co., Inc., and Principal
Services Accounting Corp. ........... 59
II. Introductory Statement and Brief Introduction of The
Five .......................... 66
A. The STJ Report ................. 66
B. Comments Regarding the Introductory Statement
and Brief Introduction of The Five ........ 71
III. Details Regarding The Five .............. 73
A. Certain Payments Made by The Five ........ 73
1. Hyatt Corp.’s Payment of a Share of Its
Profits on the Embarcadero Hotel’s Management
Contract to KWJ Corp. ............. 74
2. Bruce Frey’s Payments to IRA From 1980 Through
1985 and to THC in 1981, 1983, 1984, and 1987 . 91
a. The Frey/THC Agreement .......... 100
b. The Frey/Zeus Agreement .......... 102
c. BJF Partnership .............. 104
d. Summary of Frey Payments to Zeus ..... 106
e. Summary of Frey Payments to THC ...... 107
3. Payments From William Schaffel to IRA From
1979 Through 1983 and to THC From 1984
Through 1986 ................. 107
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