-179-
Kanter served as trustee. Id. Seabright Corp. owned Seabright
Farm located outside Little Rock, Arkansas. Id. at 2822.93
TACI’s June 30, 1984, trial balance ledger reflected that
loans had been made to Ballard, Seabright Trust,94 and Seabright
Corp. as follows:
Ballard Seabright Trust Seabright Corp.
$10,000 $11,300 $29,840
Exh. 175, at 3-4; Exh. 174, at 93, 95, 97-98.
On August 7, 1984, money was transferred from the TACI
Special E Account to the TACI Special Account designated for
Ballard, Seabright Trust, and Seabright Corp. in the following
amounts:
Ballard Seabright Trust Seabright Corp.
$10,599 $12,253 $31,435
Exhs. 5426, 5425, 5416. This transfer of funds had the effect of
eliminating the outstanding loans from TACI’s books and records
in that the loans were treated as having been paid. Exh. 179, at
29 (ref. Nos. DPO80, DPO79, DPO81). In connection with this
transaction, as IRA was transferring funds to Carlco, TMT, and
93 The records of Seabright Corp. were maintained at
Ballard’s residence. Mary Ballard, Transcr. at 2817. Mary
Ballard was an officer of Seabright Corp. Id.
94 Ballard believed Seabright Trust invested in tax-
sheltered investments. Ballard, Transcr. at 248.
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