Opinion ID: 43824
Heading Depth: 2
Heading Rank: 2

Heading: Wood’s Business Interests

Text: Wood graduated from West Point in 1960 and served in the military until 1977. In 1967, Wood, along with several other officers, became a shareholder of Miracle Strip Parkway Realty, Inc. (“MSPR”), a corporation organized for the 1 Wood entered into a contract to sell the undeveloped land, but the buyer failed to perform under the contract. 3 purpose of buying land to be divided into lots. MSPR was later converted to a limited partnership, and Wood was a limited partner during the relevant tax years. Over the years, MSPR purchased and sold undeveloped land to individuals, real estate companies, and developers. After the Woods moved to New Jersey, Wood was employed first by Lockheed Electronics and then by ITT Avionics. In 1981, he started a consulting business. He also started J&M Enterprises, a home improvement business. In addition, from 1972 through 1996, Wood spent approximately one week each year maintaining and managing an apartment in Shrewsbury, New Jersey, which was owned by his mother. In 1982, Wood filed a certificate with the State of New Jersey in which he certified that he was conducting a business under the name Logistics Technology Group (“LTG”). The certification described LTG’s business as defense electronics, consulting services, real estate dealer activities, and home improvement services. Wood also opened a bank account in LTG’s name. From the LTG account, in 1989 and 1990, he generally paid (1) the installments on the mortgage for the New Jersey home and (2) taxes and fees associated with the undeveloped Florida land and the two timeshares.