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balances on the above-referenced loan were $70,000, $95,917.38,
$87,978.67, and $79,177.29, respectively.
During March 1989, petitioner obtained a second loan from
Equibank (also assigned account No. 5882253). Pursuant to the
second loan agreement, Equibank released cash to petitioner in
the amounts and on the dates as follows:
Date Amount
Mar. 17, 1989 $10,000
Mar. 20, 1989 5,000
Mar. 31, 1989 5,000
Apr. 11, 1989 18,000
Apr. 13, 1989 7,000
As of December 31, 1989, 1990, and 1991, the outstanding balances
on the above-referenced loan were $44,498.61, $40,732.84, and
$36,572.29, respectively.
Petitioner's purchase of the aforementioned 1990 Harley
Davidson (VIN 09113) was financed through a vehicle loan (account
No. 5409023) from Pittsburgh National Bank. As of December 31,
1990 and 1991, the outstanding balances on account No. 5409023
were $15,483.06 and $11,902.07, respectively.
Petitioner maintained credit card accounts with Discover
Card, First Card, Colonial National Bank, and Bank One. As of
December 31, 1989, 1990, and 1991, the Bank One account had
outstanding balances of $1,835.44 and $810.69, and a credit of
$16.41, respectively. As of December 31, 1991, the outstanding
balances on the Discover Card and First Card accounts were $28.69
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