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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
follows:
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
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