Ronald H. Bradshaw and Monica I. Bradshaw - Page 15

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             existed between Petitioner and Colonial, further supporting              
             the fact that the transaction at issue created an                        
             enforceable, and secure transaction."                                    
                  Petitioners also take the position that the loan                    
             obtained from Colonial Bank was discharged.  While                       
             petitioners are vague about when the discharge took place,               
             their position must be that the loan was discharged in                   
             1989.  In this connection, petitioners' brief asks the                   
             Court to make the following findings of fact:                            

                       10.  Colonial is no longer enforcing its                       
                  rights to pursue Petitioners for the recovery                       
                  of the $886,026.00.                                                 
                       11.  Colonial has never sought to have a                       
                  Writ of Execution issued on the Default Judgment.                   
                  [Record references omitted.]                                        

             Petitioners' brief makes the following argument:                         

                       Colonial took a tax deduction for the loss                     
                  attributable to Petitioner, Ronald Bradshaw's                       
                  debt.  Colonial has indicated that it is not                        
                  pursuing Petitioner, Ronald Bradshaw for the                        
                  repayment of the $886,026.00.  Colonial has                         
                  also never asked the sheriff to issue a Writ of                     
                  Execution on the aforementioned Default Judgment.                   
                  Colonial's officers indicated that it was the                       
                  policy of Colonial to issue 1099's whether or                       
                  not such income related to kiting losses or any                     
                  losses on any loans.                                                

                  In summary, petitioners concede that they received                  
             income during 1989 in the amount of approximately $886,000.              
             However, they contend that the income was from the                       




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