-121-
constituted a capital contribution to FPC Subventure Partnership,
and (6) Four Ponds Partnership made a $400,000 cash distribution
to Kanter on April 5, 1982, and Kanter transferred the
distribution to FPC Subventure Partnership, which distributed
$355,500 to Lisle and $39,500 to the Everglades Trusts, leaving
$5,000 in FPC Subventure Partnership’s account. Exh. 9093.58
On May 3, 1982, Kanter wrote a letter to Schaffel which
stated in pertinent part:
The purpose of this letter, as we discussed, is to
reflect the fact that I have been holding a partnership
interest in Four Ponds Center Associates in my name on
behalf of another partnership, known as FPC Subventure
Associates. There are two participants in that
partnership, trusts for the benefit of members of my
family and associates. [Exh. 194.]
The letter also stated that the Four Ponds partnership agreement
would not need to be modified so long as Kanter continued to hold
the partnership interest in his name. Id. Schaffel and Torcivia
were not aware Lisle was a partner in FPC Subventure Partnership.
Schaffel, Transcr. at 407; Torcivia, Transcr. at 371.
In 1982, Kanter transferred his 8-percent limited
partnership interest in One River Partnership to FPC Subventure
58 Contrary to this statement in the memorandum, FPC
Subventure’s tax return for 1982 indicated the partnership made a
cash distribution of $427,600, and a Schedule K-1, Partner’s
Share of Income, Deductions, and Credits, issued to Lisle
indicated he received $384,840 (or 90 percent) of that amount.
Exh. 9091.
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