-176- Despite the fact that IRA’s ledger entries showed that these checks were void, Lisle’s 1989 return reflected that he actually cashed the check. Lisle reported the $22,619 on his individual tax return as income from the “KJW [sic] Company.” Exh. 421, Statement 1. (ii). Frey The $232,263 that BJF paid to Zeus during 1984 and 1985 was not transferred directly to IRA. In 1986, Zeus apparently used these funds to purchase preferred stock in Windy City Corp. Exh. 9070. Nevertheless, the amounts paid to Zeus roughly equaled the otherwise unaccounted-for loans in the aggregate amount of $250,000 that IRA made to KWJ Partnership during the period 1984 to 1989. See app. 5 to this report. (iii). Schnitzer/PMS During the period 1984 to 1989, the $2,287,191 in installment payments that IRA received from PMS was transferred to Carlco, TMT, and BWK in a 45/45/10 percent split and treated as capital contributions.91 (iv). Essex Partnership From 1984 through 1989, Essex Partnership paid a total of $623,865 to IRA. See Table 8 and accompanying citations of the 91 For a schedule listing the transfers of PMS installment payments from IRA to Carlco, TMT, and BWK, see app. 6 to this report.Page: Previous 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 Next
Last modified: May 25, 2011