-191- returns reflect interest income from CDs only, and there is no indication that Kanter paid any interest on the $400,000 loan. Exhs. 107-111, 115-119. During the period 1987 to 1989, BWK lent a total of $236,000 to PSAC to support its operations. Gallenberger, Transcr. at 1985-1986; Petitioners’ Reply Brief at 636. There is no evidence that any principal or interest was paid to BWK on these loans. Id. (iii). Gifts BWK’s general ledger for 1986 included an August 4, 1984, entry for $1,000 which stated: “JANIS (Kanter) GIFT.” Exh. 2006. A subsequent entry in BWK’s general ledger suggests Kanter reimbursed BWK for the above-referenced gift in March 1987. Id. There is no suggestion in the ledger that Kanter paid BWK any interest related to this transaction. C. Other Means Used To Transfer Funds for the Benefit of Ballard, Lisle, Kanter, and Their Respective Families 1. Payments From IRA, KWJ Corp., and KWJ Partnership a. IRA Payments to Ballard and Lisle in 1982 In 1982, Ballard received $12,500 from IRA as a director’s fee. Exh. 473. Ballard asserted he was not an IRA director and the payment was for consulting services. Ballard, Transcr. at 218.Page: Previous 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 Next
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