Kai-Chung C. and Meekhing T. Lam - Page 6

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          would have the purchaser sign a note and “put me on the lien on             
          the house.”  Petitioner did not, however, introduce any of these            
          alleged notes or any other documentation regarding these “loans.”           
               Regarding office expenses, petitioner explained he operated            
          both of his businesses from one office and testified that the two           
          businesses shared expenses, such as phone lines, secretaries, and           
          other office workers.  Petitioner did not introduce any                     
          documentation, however, to show the amount of any of these office           
          expenses.                                                                   
               In addition, petitioner testified that he was licensed with            
          “realty commissions,” the “Insurance Department,” and the                   
          National Association of Securities Dealers.  Yet petitioner did             
          not introduce photocopies of any of these licenses, nor did                 
          petitioner have any invoices or documented proof of payment for             
          the alleged annual licensing fees.  Petitioner also testified               
          that he was annually assessed personal property tax on the assets           
          in his businesses, yet he did not introduce any documentation               
          regarding these expenses.                                                   
               Regarding advertising expenses, petitioner testified that he           
          spent money on “leads”--mass mailings undertaken by advertising             
          companies, as part of his insurance and investment business, but            
          he did not testify or submit documentation regarding the                    
          advertising expenses he incurred in his real estate business.               







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Last modified: May 25, 2011