Word: zaccaro
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Dates: during 1980-1989
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...more complete picture of the family finances would be available if Zaccaro released the tax returns he filed for his various businesses. On his 1983 individual income tax return, he listed a loss of $8,162 from P. Zaccaro Co., which manages but does not own real estate. Ferraro, who owns one-third of this business, while her husband holds two-thirds, claimed a loss of $4,082. Most of Zaccaro's business dealings, however, were done through partnerships and corporate entities created for specific transactions. In the real estate business, this is a common way of shielding...
Clearly, the release of the couple's individual tax returns squelched any suspicion that Zaccaro might have been trying to hide embarrassingly small payments to Uncle Sam. Over the past five years, he and his wife paid more than the average person does in their respective tax brackets, according to IRS statistics. This was true of Ferraro in each of the five years in which they filed separately. It was true of Zaccaro, whose income varied more sharply from year to year, in three of the five years. By filing separately, they paid about $6,000 more over...
Even though she had substantial assets of her own (her net worth at the time was about $500,000), the banks, she says, would not give her a loan unless her husband co-signed it. The FEC, of course, would not permit Zaccaro to do that, since he was one of the family members she was trying to repay. The only option, she says, was to put some of her property on the block. "We've got to sell fast," she told her husband, alluding to her half-ownership of one building and a half-interest in a mortgage...
...When Zaccaro sought a buyer for her interest in this building, he went to Lerman. They decided a fair market price was $325,000, nearly twice what Lerman and Ferraro had paid for the property five months earlier. (This value estimate was not unreasonable, it turned out, since the building was resold two years later for $375,000.) If they sold the building for $325,000 and paid off the $124,605 mortgage, Ferraro and Lerman would get roughly $200,000. Lerman agreed to pay Ferraro $100,000 in cash for her share. In purchasing her interest, Lerman took over...
...Zaccaro promised Lerman he would buy back Ferraro's share for $100,000. Thus Lerman knew he would get back his cash payment of $100,000. In buying the half-share, Zaccaro would acquire half the mortgage obligation...