-48-
During 1977 through 1989, IRA reported consolidated total
income, taxable income/losses, and net operating losses as set
forth in the following table:
Table 1
Year Total Income Taxable Income (Loss) Net Operating Losses
1977 $234,790 ($271,394) ($7,954)
1978 1,004,475 (18,673) (271,394)
1979 1,944,332 406,771 (18,673)
1980 3,557,198 65,094 --
1981 5,158,583 (615,852) --
1982 4,536,122 (121,501) (143,987)
1983 3,849,742 (425,538) (121,501)
1984 3,606,785 (175,946) (89,235)
1985 3,118,893 96,363 (175,946)
1986 2,345,762 (327,854) --
1987 299,794 (16,942) (111,843)
1988 (526,393) (637,842) (10,550)
1989 1,011,577 (116,521) (1,057,468)
Exhs. 10 to 24, 9668, 9669. IRA paid tax of $94,618 for the
taxable year 1979. Exh. 10.
a. IRA’s Shareholders
Before October 28, 1975, Delores Keating (Keating), a real
estate broker, held 1,000 shares of IRA’s common stock. Exh.
9051. In 1973 or 1974, Mildred Schott (Schott) began working
with Keating. Schott, Transcr. at 2122-2123. Schott previously
worked as a legal secretary and had a real estate brokerage
license. She was introduced to Kanter by a mutual acquaintance
of theirs.
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