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discussed below, Kanter passed at least a portion of Lisle’s
share of this income to Lisle through FPC Subventure Partnership.
a. FPC Subventure Partnership
Kanter, purportedly as a nominee, acquired 8-percent limited
partnership interests in both Four Ponds Partnership and One
River Partnership--two partnerships organized by Schaffel and
Torcivia for real estate development projects. A “memorandum to
file”, dated April 14, 1982, stated (1) on January 1, 1981,
Kanter (as nominee) transferred his 8-percent limited partnership
interest in Four Ponds Partnership to Lisle (90 percent) and the
Everglades Trusts (10 percent); (2) Lisle issued a promissory
note to Kanter for $2,880; (3) Lisle and the Everglades Trusts
formed FPC Subventure Partnership; (4) on April 5, 1982, Four
Ponds Partnership made a $400,000 cash distribution to Kanter;
and (5) Kanter transferred the Four Ponds 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.115
Contrary to Kanter’s testimony, Schaffel and Torcivia were
not aware that Lisle was a partner in FPC Subventure Partnership.
115 Contrary to the “memorandum to file”, FPC Subventure’s
tax return for 1982 and a Schedule K-1 issued to Lisle indicate
the partnership made a cash distribution of $427,600 and Lisle
received $384,840 (or 90 percent) of that amount.
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