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partnership agreement made no provision with regard to capital
contributions to the partnership, nor any reference to the
advances made by petitioner to Sheldon prior to the date of the
document. Nevertheless, Sheldon and petitioner signed a document
entitled "Cancellation of General Partnership Agreement and
Partnership Agreement" as of April 30, 1989.
On January 30, 1990, petitioner transferred a car to Sheldon
in return for a check in the amount of $2,900. In the memorandum
portion of the check is written "Time To Share repayment on
loan." The check was returned for insufficient funds, and
Sheldon has never made good on the check, nor has he returned the
car.
On June 18, 1990, petitioner purchased an "official check"
in the amount of $2,500 payable to Sheldon. On that date,
Sheldon and Merante signed a document entitled "AGREEMENT" which
provided:
In return for a loan this day by [petitioner] to [Sheldon]
of $2,500 and for other loans which together with the herein
referred to load [sic] total $27,000, [Sheldon] promises to
repay the entire total of $27,000 to [petitioner] no later
than Wednesday, June 27, 1990.
On July 25, 1990, petitioner gave Sheldon cash of $1,068.
On October 9, 1990, Sheldon signed a document entitled
"PROMISSORY DEMAND NOTE" in which he agreed to repay a loan to
3(...continued)
have had some connection with the paint activity referred to in
the partnership agreement.
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