-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.
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