Walter Van Eck and Friedgard Van Eck - Page 15

                                       - 15 -                                         
               Walter testified that, from 1982 through mid-1987, he                  
          received loans from Gertrude, his mother.  He testified that                
          Gertrude would deposit loan funds into Conn-7044.  Gertrude did             
          not testify.  The parties, however, have stipulated as to how               
          Gertrude would have testified had she been called.  The parties             
          have stipulated that, in part, she would have testified as                  
               During the tax years at issue, and through the 1993                    
               year, she made loans to Walter and Friedgard Van Eck in                
               such amounts and under such circumstances, as were                     
               reflected in Walter Van Eck's testimony on these                       
               matters.  Gertrude Van Eck's testimony would have been                 
               entirely consistent with Walter Van Eck's testimony on                 
               the issue of the loans;                                                
               Respondent attempts to impeach the testimony of Walter and             
          Gertrude by questioning the financial ability of Gertrude and               
          William, Walter's father, to make loans to Walter in the amounts            
          claimed by him.  For example, respondent points out that, in                
          1993, William and Gertrude made an offer in compromise of their             
          Federal income tax liabilities for 1986 and 1988 through 1990.              
          Such liabilities totaled approximately $45,000, and William and             
          Gertrude offered $10,000.  In support of their offer in                     
          compromise, William and Gertrude claimed a negative net asset               
          value.  The parties differ as to whether Gertrude told                      
          respondent's agent that she made no loans to Walter during 1986             
          and 1987 except for a few small transfers of under $1,000 or                
          whether she gave the agent a schedule reflecting no loans after             
          mid-1984.  Respondent also attempts to impeach the testimony of             

Page:  Previous  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  Next

Last modified: May 25, 2011